Form
20-F
|
X
|
Form
40-F
|
Yes
|
No
|
X
|
Yes
|
No
|
X
|
Yes
|
No
|
X
|
Item
|
|
1.
|
Communication
regarding 3rd Quarter Fiscal Year 2010 earnings
release
|
Marcelo
Martins,
CFO & IRO
Luiz Felipe
Jansen de Mello,
Investors Relations
ri@cosan.com.br
www.cosan.com.br
|
3Q’10 Highlights
o
Record net
revenue in
3Q’10 of
R$3.8
billion,
48.1%
higher
than last year’s net
revenue in
the same quarter.
o
New record EBITDA affected by the Company’s enrollment in the Refis
(Tax Recovery Program)
|
|
|
Summary of Financial and Operating
Information (R$MM) - Cosan S.A.
|
|||||||||||
3Q'09
|
3Q'10
|
YTD'09
|
YTD'10
|
|||||||||
438.1
|
379.2
|
Ethanol Sold
(millions liters)
|
1,058.3
|
1,586.6
|
||||||||
808.8
|
887.2
|
Sugar Sold
(thousand tonnes)
|
2,340.3
|
2,976.8
|
||||||||
864.4
|
1,460.0
|
Fuels Sold
(million liters)
|
3,565.5
|
4,150.3
|
||||||||
|
15.5
|
30.7
|
Lubes Sold
(million liters)
|
84.7
|
94.8
|
|||||||
|
2,565.6
|
3,800.5
|
Net
sales
|
3,920.3
|
10,941.9
|
|||||||
378.0
|
460.0
|
l
|
Gross
profit
|
559.5
|
1,351.5
|
|||||||
14.7%
|
12.1%
|
Gross
Margin
|
14.3%
|
12.4%
|
||||||||
58.5
|
253.0
|
l
|
Operating
income (loss)
|
(609.6)
|
1,016.4
|
|||||||
2.3%
|
6.7%
|
Operating
margin
|
-15.5%
|
9.3%
|
||||||||
340.4
|
490.4
|
l
|
EBITDA
|
552.1
|
1,157.2
|
|||||||
13.3%
|
12.9%
|
EBITDA
Margin
|
14.1%
|
10.6%
|
||||||||
465.3
|
508.4
|
l
|
EBITDAH
|
725.3
|
1,319.3
|
|||||||
17.3%
|
13.3%
|
EBITDAH
Margin
|
17.7%
|
11.9%
|
||||||||
5.2
|
167.8
|
l
|
Income (loss)
before minority interest
|
(434.5)
|
669.4
|
|||||||
5.2
|
167.1
|
l
|
Net income
(loss)
|
(433.6)
|
677.8
|
|||||||
0.2%
|
4.4%
|
Profit
(loss) Margin
|
-11.1%
|
6.2%
|
||||||||
432.4
|
401.0
|
Capex
|
1,011.5
|
1,180.7
|
||||||||
3,113.3
|
4,300.8
|
l
|
Net
Debt
|
3,113.3
|
4,300.8
|
|||||||
3,728.1
|
4,963.9
|
l
|
Shareholders'
& Minorities Equity
|
3,728.1
|
4,963.9
|
A. Market
Overview
According
to UNICA, the sugarcane growers’ association, crushed cane volume in
Brazil’s
Central-South totaled 527.0 million tonnes through January 16, 2010, 5.5%
up on the same period in the previous harvest. Given the heavy rainfall,
the TSR (total
sugar recoverable)
fell by 7.23% over the previous season to 130.86kg/t. The production mix
prioritized
sugar production
compared to the year
before, with sugar and ethanol absorbing 43.17% and 56.83% of the
TSR,
respectively. As a result, sugar production totaled 28.4 million tonnes,
6.54% up year-on-year, hydrous ethanol output came to 16.8 billion liters,
up by
3.7%, and anhydrous ethanol production stood at 6.1 billion liters, down
by 28.7%. More than 70 mills were still crushing in the second week of
January. UNICA’s initial estimates pointed to total crushed cane volume of
550 million tonnes, with production
of
31.2 million tonnes of sugar and 26.3 billion liters of ethanol, numbers
that were
not achieved due
to the exceptionally heavy rainfall. According to its latest publication,
crushed volume could have reached 580 million tonnes under normal
conditions.
On
the other hand, Thailand’s harvest is improving substantially and crushed
volume is
expect to reach approximately 71
million tonnes, versus 67 million last year, with sugar output of 7.5
million tonnes, resulting in exports of close to 5 million tonnes, 8% up
on the previous harvest. The European Union’s main sugar producers,
Germany and
France, expect higher output this year thanks to favorable weather
conditions during planting, which encouraged the EU to issue export
licenses totaling 1.35 million tonnes, slightly below the maximum limit of
1.375 million tonnes established by the WTO. It also approved exports of
500,000 tonnes outside these licenses, given that international prices
were higher than in Europe,
enabling producers to export without subsidies. According to UNICA,
however, EU current excess production is result of sugar inventories
accumulated over the past crops, when international prices for this
product was below EU’s, therefore exports should be limited to the volumes
established by the WTO.
In
India,
rainfall delayed the beginning of crushing in the state of Maharashtra and
protests over the minimum sugarcane price in Uttar Pradesh resulted in
larger volumes of cane being allocated to the production of gur and
kandshari (types of raw brown sugar), as well as animal feed (in the
previous harvest, 23% of cane went to the production of products other
than sugar). Consequently, overall production estimates were once again
revised down, this time to around 15 million tonnes, putting even more
pressure on the country’s low inventories. In addition, fueled by low
yields, domestic sugar prices continued to move up, reaching
Rs3.311/quintal (US$709.5/t), 87.6% up on the same quarter last
year.
In
Russia,
floundering inventories and expectations of lower yields (close to 30
tonnes of sugar beet per hectare, versus the record of 36.3 t/ha in the
previous harvest), led the government to impose a new sugar import tariff
band during the inter-harvest period. Between January and April 2010, the
tariff will be US$140/t, whereas between May and July it will be variable
and may reach as low as US$50/t if the NY#11
price
|
remains
above 22 US¢/lb in the first three quarters of the year, substantially
less than the US$165/t in the same period last year.
China has
also been suffering. Some producing regions have been affected by
prolonged drought while others have been hit by frost and blizzards, which
not only damage the sugarcane, but also jeopardize sugar distribution,
forcing the government to auction part of its strategic inventories.
Nevertheless, domestic prices continue to increase and the country may be
forced to resort to imports in 2010. Indonesia has
also been impacted by higher domestic prices. Consequently, its government
allocated import licenses for 500,000 tonnes of white sugar, expected to
arrive between December 2009 and April 2010.
During
the quarter, the major hedge funds, plus smaller funds and speculators,
reduced their long sugar positions to an average of 190,000 lots,
equivalent to 18% of all open contracts, 13.0% down
year-on-year.
|
||
Despite the news from Thailand and
the EU, sugar supply and demand forecasts remained unfavorable, pushing up
international raw sugar prices by 12.8% over 2Q’10 and 99.6% over 3Q09 to
23.15 US¢/lb. Thanks to the period appreciation of the Real against the
dollar, prices in Reais averaged 40.28 R$¢/lb, 53.0% up year-on-year and
5.4% more than the previous quarter. The first future maturity of the
NY#11 contract, expiring in March 2010, closed 2009 at 26.95 US¢/lb,
reflecting the need to advance supply and defer
consumption.
International refined sugar averaged
US$613.76/t in 3Q’10, 89.2% and 17.3% higher than the 3Q’09 and 2Q’10,
respectively, outpacing the raw sugar upturn. The white premium averaged
US$116.05/t in the period, thanks to increased demand for refined
sugar.
The Real continued to appreciate in
3Q’10, averaging R$1.74/US$, 6.9% up on the quarter before, and closing at
R$1.74/US$, versus R$1.78/US$ in September 2009 and R$2.34/US$ in December
2008.
Domestic crystal sugar prices
(ESALQ) averaged R$57.65 per 50Kg bag, 21.7% up on the previous three
months and 84.4% more than 3Q’09, reflecting low yields due to heavy
harvest rainfall and booming sugar exports, which totaled 19.6 million
tonnes between April and December, 21.7% up
year-on-year.
|
Domestic hydrous ethanol prices
(ESALQ) averaged R$0.957/liter in 3Q’10, 30% up on 3Q’09 and 30.4% more
than the previous three months, while anhydrous prices averaged
R$1.099/liter, 22.6% up year-on-year and 31.1% improvement over 2Q’10.
These prices reflect flagging inter-harvest inventories due to the
continuing acceleration of demand (in turn due to growth in vehicle sales
despite the financial crisis) and reduced supply due to the heavy
rainfall.
The window for ethanol exports to
Europe and the United States (directly or under the Caribbean Agreement,
which allows Caribbean ethanol exports without the ¢US$54/gallon) remains
closed, chiefly due to the profitable domestic market price, making
exports substantially less competitive.
|
||
According to
Brazil’s National Petroleum Agency (ANP), the average hydrous
ethanol/gasoline price parity (weighted by the size of the fleet) closed
3Q’10 at 71.1%. In early January, the parity was above 70% in the state of
São Paulo, the country’s biggest consumption center, leading consumers
with flex-fuel vehicles to opt for C gasoline (a blend of 75% A gasoline
and 25% anhydrous ethanol) instead of hydrous ethanol, thereby increasing
the consumption of anhydrous. Given this scenario, and seeking to minimize
the impact on inter-harvest ethanol supply, in January 2010, the Brazilian
government reduced the ratio of
|
anhydrous
ethanol in the C gasoline blend from 25% to 20% for February, March and
April 2010, which should reduce period demand for this product by around
300 million liters.
According to
Anfavea, the auto manufacturers’ association, new flex-fuel vehicle sales
totaled 690,500 units in 3Q’10, accounting for 86.6% of new car sales. In
calendar year 2009, flex-fuel vehicle sales were 13.9% higher than in
2008.
|
||
According to the ANP (National Oil
Agency), diesel sales volume in October and November, 2009 (December data
are not available yet) reached 8.1 billion liters, 5.2% higher compared to
the same months of 2008. Gasoline A fuel volume also showed a slight
increase of 4.3% in such period, reaching 3.3 billion liters. Ethanol
showed the highest demand increase, due to an increased flex-fuel fleet,
reaching 2.7 billion liters, 13.7% higher than Oct and
Nov/09.
|
||
B. Production
Data
|
3Q'09
|
3Q'10
|
Production Highlights
|
YTD'09
|
YTD'10
|
|||||
8,190
|
14,228
|
Crushed
Cane (thd tons)
|
42,388
|
50,133
|
|||||
4,283
|
5,778
|
Own Cane (thd
tons)
|
21,405
|
23,443
|
|||||
3,907
|
8,450
|
Suppliers
(thd tons)
|
20,983
|
26,690
|
|||||
Production
|
|||||||||
452
|
662
|
Raw Sugar
(thd tons)
|
2,522
|
2,519
|
|||||
139
|
274
|
Refined Sugar
(thd tons)
|
656
|
994
|
|||||
187
|
228
|
Anhydous
Ethanol (thd cbm)
|
734
|
623
|
|||||
148
|
303
|
Hydrous
Ethanol (thd cbm)
|
929
|
1,202
|
|||||
138.1
|
126.6
|
Sugarcane
TSR (kg/ton)
|
139.1
|
129.8
|
|||||
52.2%
|
68.4%
|
Mechanization
(%)
|
50.8%
|
64.5%
|
In 3Q’10, Cosan crushed 14.2
million tons of sugarcane, out of which approximately 41% of its own and
59% coming from suppliers, with 68% of mechanic harvesting. Despite the
unseasonal rain levels, which lowered the number of days available for
crushing this year to 70% of use of the installed capacity, as well as the
change in fiscal year, the volume of sugarcane processed in the
accumulated up to 3Q’10 shows a growth of 18.2% in relation to the
compared period, especially due to the merger of NovAmérica. Also, as an
effect of excessive rain, the TRS quantity obtained in 3Q’10 was 8.3%
lower than that of the same quarter in the 2008/09 crop, resulting in a
production of 936 thousand
|
tons of sugar, out of which 70.7%
was raw sugar and 29.3% was refined sugar, and 531 million liters of
ethanol, out of which 42.9% was anhydrous ethanol and 57.1% was hydrated
ethanol.
|
|||
C. Operating
Performance
|
|||
(i)
|
In view of
the alteration of the fiscal year of 2009, which had an earlier ending, on
March 31, 2009, the periods related to 3Q’09 and 3Q’10 are displaced, that
is, 3Q’09 comprises the months of November and December, 2008, and of
January, 2009, while 3Q’10 comprises the months of October, November and
December, 2009;
|
||
(ii)
|
The
depreciation presented in the statements and analysis of result had its
criteria changed for this fiscal year, to reflect the depreciation
included in the COGS (Cost of Goods Sold) and in operating expenses
(SG&A), as opposed to the previous fiscal year, when depreciation was
shown based on production, that is, by entry into production of the goods
and services provided, in addition to the depreciation assessed in
operating expenses. It must be stressed that the depreciation included in
operating expenses did not undergo any change of criterion, only
production depreciation;
|
||
(iii)
|
CCL only
started to be consolidated in December, 2008, so CCL figures disclosed for
3Q’09 and YTD’09 comprises only the months of December, 2008 and January,
2009. In view of the fact that these periods cannot be compared and on an
extraordinary basis, the comparison of 3Q’10 CCL results will be made with
2Q’10 this quarter;
|
||
(iv)
|
As already
commented in previous letters, NovAmérica’s results started to be
consolidated as from June, 2009, so there is no comparison between the
results of 3Q’10 and 3Q’09.
|
3Q'09
|
3Q'10
|
Income Statement
(R$MM)
|
YTD'09
|
YTD'10
|
|||||||
2,565.6
|
3,800.5
|
Net
Operating Revenue
|
3,920.3
|
10,941.9
|
|||||||
(2,187.6)
|
(3,340.5)
|
(-)
|
Cost of Goods
Sold
|
(3,360.8)
|
(9,590.4)
|
||||||
378.0
|
460.0
|
(=)
|
Gross
Profit
|
559.5
|
1,351.5
|
||||||
14.7%
|
12.1%
|
Gross
Margin
|
14.3%
|
12.4%
|
|||||||
(156.8)
|
(218.4)
|
(-)
|
Selling
Expenses
|
(331.1)
|
(639.3)
|
||||||
(72.3)
|
(117.9)
|
(-)
|
General &
Adm. Expenses
|
(197.6)
|
(323.4)
|
||||||
120.2
|
217.0
|
(±)
|
Other
Operating Expenses
|
116.1
|
292.0
|
||||||
71.1
|
149.7
|
(+)
|
Depreciation
& Amortization
|
405.2
|
476.4
|
||||||
340.4
|
490.4
|
(=)
|
EBITDA
|
552.1
|
1,157.2
|
||||||
13.3%
|
12.9%
|
EBITDA
Margin
|
14.1%
|
10.6%
|
|||||||
465.3
|
508.4
|
(=)
|
EBITDAH
(Adjusted by Hedge)
|
725.3
|
1,319.3
|
||||||
17.3%
|
13.3%
|
EBITDAH
Margin
|
17.7%
|
11.9%
|
|||||||
(159.2)
|
(78.3)
|
(±)
|
Net Financial
Expenses
|
(624.0)
|
434.0
|
||||||
13.6
|
(9.4)
|
(±)
|
Equity
Income
|
13.5
|
(12.9)
|
||||||
(65.2)
|
-
|
(-)
|
Goodwill
Amortization
|
(145.9)
|
(85.6)
|
||||||
58.5
|
253.0
|
(=)
|
Profit
Before Income Tax
|
(609.6)
|
1,016.4
|
||||||
(53.3)
|
(85.3)
|
(±)
|
Income
Tax
|
175.0
|
(347.0)
|
||||||
0.0
|
(0.7)
|
(±)
|
Minority
Interests
|
0.9
|
8.3
|
||||||
5.2
|
167.1
|
(=)
|
Net
Profit (Loss)
|
(433.6)
|
677.8
|
||||||
0.2%
|
4.4%
|
Net
Margin
|
-11.1%
|
6.2%
|
Net
Revenues
|
||
The net
revenues amounted to R$3.8 billion in the quarter. The major contribution
to such increase came from CCL, with revenues of R$2.7 billion in the
period, representing 71.0% of net invoicing. Among the fuel, diesel
accounted for 46.0% of revenues, followed by gasoline with 43.5% and
ethanol with 9.5%. Sales of lubricants represented 3.8% of the restated
net revenues. In CAA, sugar and ethanol accounted for 63.0% and 28.3% of
the total revenues, respectively. Sales to the foreign market represented
43.9% of CAA’s net revenues in the quarter, versus 60.3% in the previous
period, mainly due to sugar sales increase in the domestic market as a
result of the NovAmérica merger.
|
||
CAA
- Sugar
The 39.4%
growth in the sugar revenue, comparing this year’s quarter to the same
quarter in the previous year, going from R$540.6 million in 3Q’09 to
R$753.8 million in 3Q’10 is a result of the greater volume sold (9.7%
higher in 3Q’10 than in 3Q’09) and the increase in average unit price
(27.2% higher in 3Q’10 than in 3Q’09). In addition, sales of
sugar
|
by NovAmérica
are more concentrated in the domestic market, raising the share of this
market, in which average prices obtained were 55.4% higher than that of
the international market, still reflecting price fixations previously
established.
|
||
In the
foreign market, the average sugar price, of R$722/ton, represented an
appreciation of 7.9% when compared to 3Q’09. As explained in previous
letters, sugar revenue in the foreign market reflects the results of
prices fixed in previous periods. In this quarter, shipped volumes reflect
fixations established throughout the last 6 months, presenting an average
price of ¢US$17.74/lb. On the other hand, sales in the domestic market,
the share of which went from 10.2% of the volume sold in 3Q’09 to 31.9% in
the current quarter, almost immediately reflected market
prices.
|
||
CAA
– Ethanol
|
||
In spite of
prices being 7.3% higher when we compare 3Q’10 to 3Q’09, ethanol revenues
(R$338.3 million in the quarter) were 7.1% lower than the obtained in
3Q’09. This negative outcome is mainly due to reduction in volumes sold,
dropping from 438.1 million liters in 3Q’09 to 379.2 million liters in
3Q’10 and also due to the mix of sales between the domestic and foreign
market, the latter having prices significantly below in the compared
quarters, due to export contracts executed in the beginning of the fiscal
year, at prices lower than current ones. Such effects were partially
offset by internal market prices, which were 30.2% higher when compared to
3Q’10 and 3Q’09 quarters (R$771/m3 in 3Q’09 versus R$1.004/m3 in
3Q’10).
|
CAA
– Other Products and Services
Revenues with
other products and services showed an increase of 71.8%, from R$60.7
million to R$104.3 million.
|
||
Cogeneration
Revenues of
energy cogeneration units totaled R$19.4 million in 3Q’10 versus R$11.5
million in 3Q’09. This variation between the compared quarters basically
reflects the commissioning of the Costa Pinto and Rafard mills and the
merger of the NovAmérica results, through Tarumã and Maracaí.
It is worth
mentioning that, in the middle of the 3Q’10, the cogeneration units
completed the deliveries of all volumes contracted through energy auctions
and bilateral contracts to this crop, therefore the exceeding energy was
commercialized on a spot basis, in which prices averaged R$16/MWh,
lowering this quarter’s average prices when comparing to past
quarters.
|
||
Cogeneration
|
3Q'10
|
YTD'10
|
||||
Volume
Sold (MWh)
|
177,721
|
533,261
|
||||
Price
(R$/MWh)
|
94.83
|
150.98
|
||||
Revenues
(R$ thd)
|
16,854
|
80,511
|
||||
Revenues
- Steam (R$ thd)
|
2,580
|
7,408
|
Rumo
In 3Q’10,
Rumo Logística revenues amounted R$36.0 million, with 2.2 million tons of
shipped sugar, despite the heavy raining in the
period.
|
Out of that
total, 1.7 million tons, or R$26 million of revenues, came from services
rendered to third parties.
|
Rumo
|
3Q'10
|
YTD'10
|
|||
Loading
(thd tons)
|
2,247.0
|
6,832.0
|
|||
Price
(R$/ton)
|
16.0
|
17.6
|
|||
Revenues
(R$ thd)
|
36,029
|
120,243
|
Others
Other two
important invoicing items in this category were sales of products Da Barra
Alimentos (R$14.1 million in 3Q’10) and Diesel Oil (R$12.7 million in
3Q’10).
|
||
CCL
– Fuels
|
||
|
Revenues from the fuel distribution business increased R$313.8 million, or 14.1% comparing the 3Q’10 to the 2Q’10. With the recovery in ethanol prices, exceeding, in many Brazilian states the 70% parity, part of the flex fuel car owners stopped fueling their cars with ethanol and shifted to gasoline instead. Therefore, the higher revenues from CCL fuels distribution business was result of (i) R$163.8 million from the 18.0% increase in sales of gasoline and (ii) R$45.9 million from the 24.2% recovery in ethanol prices. | |
CCL –
Lubricants
|
||
In the
lubricants business, sales were lower than those in 2Q’10 by 15.8%, or
R$27.0 million, affected by the following factors:
Þ
Reduction of
R$ 18.1 million, caused by the 10.6% drop in the volume sold which was,
chiefly, result of lower demand, reflecting typical seasonality of
year-end sales;
Þ
Due to
a lower participation of added value products in the sales mix and
punctual prices reductions in 3Q’10, unit prices were reduced by
5.8%
|
Cost
of Goods Sold
|
||
The large
increment in the cost of goods sold reflects the consolidation of the
distribution of fuels and lubricants business, that increased COGS by R$
2,506.8 million in this quarter, compared to R$1,511.1 million in
3Q’09.
|
3Q'09
|
3Q'10
|
Cost of Goods
Sold
|
YTD'09
|
YTD'10
|
||||||
(2,187.6)
|
(3,340.5)
|
Cost
of Goods Sold (R$MM)
|
(3,360.8)
|
(9,590.4)
|
||||||
(330.3)
|
(516.4)
|
Sugar
|
(970.0)
|
(1,470.5)
|
||||||
(303.7)
|
(314.2)
|
Ethanol
|
(735.8)
|
(1,178.5)
|
||||||
(42.6)
|
(98.6)
|
Other
Products & Services - CA
|
(143.9)
|
(254.4)
|
||||||
(1,511.1)
|
(2,506.8)
|
CCL
|
(1,511.1)
|
(6,992.8)
|
||||||
-
|
95.5
|
Eliminations
from Consolidation
|
-
|
305.8
|
||||||
Average
Unit Cost (R$)
|
-
|
-
|
||||||||
408
|
582
|
Unit COGS of
Sugar (R$/ton)
|
418
|
457
|
||||||
693
|
829
|
Unit COGS of
Ethanol (R$/thousand liters)
|
697
|
716
|
||||||
1,717
|
1,682
|
Unit COGS of
CCL (R$/thd liters)
|
1,717
|
1,647
|
CAA
Sugar and
Ethanol cost of products sold showed an increase of 31%, or R$196.7
million, when compared with costs from 3Q’09. The main reasons for such
increase in the COGS are: (i) a 9.7% increase in the volume of sugar sold
in the compared period, (ii) increase in the
share
|
of sugar in
the domestic market, which has higher value added, and (iii) origination
of sugar especially for sales in the domestic market.
Other factors
negatively influenced the costs of products sold that are common to sugar
and ethanol; in short, such effects were:
|
||
Þ
In view of
increase in sugar prices both domestic and foreign markets and also due to
recovery of ethanol in the domestic market, the TRS price, according to
Consecana’s formula, which defines the compensation of suppliers and land
leases, raised by 23.1%, going from R$0.2653 in 3Q’09 to R$0.3267 in
3Q’10;
|
||
Þ
Increase in
the costs of production and processing of sugar and ethanol due to poor
yield of sucrose (TSR), which dropped from 138.17kg per ton to 129.14kg
per ton of sugarcane in 3Q’10, that is, 6.5% shorter than the previous
fiscal year, due to excessive rain in the period between
harvests;
|
||
Þ
Offsetting
part of the negative impacts above, cutting, loading and transportation
(CCT) costs presented the effects of the consolidation of the
mechanization process, which covered 64.5% of the areas harvested up to
December 31, 14% higher than the 2008/09 harvest. This category of CCT was
R$4.78/ton of cane lower than the traditional cutting process, which is
carried out with the burning of sugarcane straw.
|
||
CCL
|
||
CCL’s COGS
totaled R$2,506.8 million in 3Q’10, representing a 12.5% increase when
compared to 2Q’10. In unit terms, costs varied by 2.4% in the period,
which increase was mainly due to (i) the increase of 21.4% in ethanol
costs in the compared period, reflecting the price recovery of such
product at the mills and (ii) the increase in the commercialized volume of
gasoline. Part of such increases was compensated by an improvement in the
cost of lubricants costs, a reduction of 4.9% in the period, reflecting a
sales mix with a lower participation of value added products.
Gross
Profit
With these
results, 3Q’10 showed a gross profit of R$460.0 million, an increase of
21.7% compared to the same period in the previous year, with a 12.1%
margin. In CAA, ethanol continues to operate with low margins, of 7.1%
versus 16.6% of the same comparison period, whereas sugar showed a
positive margin of 31.5%, benefiting, in part, from higher prices in the
international market and greater participation of sugar sold in the
domestic market. In CCL, in turn, the unit gross margin (R$/m3)
of the lubricants division remained as the most profitable, followed by
the gasoline margin.
|
3Q'09
|
3Q'10
|
Gross
Margin
|
YTD'09
|
YTD'10
|
|||||
Average
Unit COGS
|
|||||||||
260
|
268
|
Sugar
(R$/ton)
|
142
|
246
|
|||||
138
|
63
|
Ethanol
(R$/thd liters)
|
97
|
(21)
|
|||||
101
|
129
|
CCL (R$/thd
liters)
|
101
|
133
|
|||||
Gross
Margin %
|
|||||||||
38.9%
|
31.5%
|
Sugar
|
25.5%
|
33.3%
|
|||||
16.6%
|
7.1%
|
Ethanol
|
12.3%
|
-2.9%
|
|||||
5.6%
|
7.1%
|
CCL
|
5.6%
|
7.5%
|
Selling
Expenses
CAA’s selling
expenses in 3Q’10 were 17.7% higher compared to 3Q’09, mainly due to
NovAmérica’s merger (R$23.0 million), which did not have its results
consolidated at CAA in 3Q’09. Excluding these effects, selling expenses
decreased 6.8% (R$88.0 million in 3Q’10 versus R$94.4 million in 3Q’09),
justified by a smaller volume of sugar exported in 3Q’10 as opposed to
3Q’09 (726.4 thd ton versus 604.4 thd ton,
respectively).
|
3Q'09
|
3Q'10
|
Selling
Expenses
|
YTD'09
|
YTD'10
|
|||||
(156.8)
|
(218.4)
|
Selling
Expenses (R$MM)
|
(331.1)
|
(639.3)
|
|||||
(94.4)
|
(111.1)
|
CAA
|
(268.8)
|
(343.9)
|
|||||
(62.3)
|
(107.3)
|
CCL
|
(62.3)
|
(295.4)
|
Increase of
14.5% in CCL’s Selling expenses, as opposed to 2Q’10, refer mainly to
marketing expenses, aiming to increasing brand exposure and ethanol
visibility, as well as increase in expenses with maintenance and repairs
expenses, to improve the image of service stations.
General
and Administrative Expenses
General and
administrative expenses of R$117.9 million, representing 3.1% of the net
revenues in 3Q’10, showed a significant increase (63.1%) in relation to
the R$72.3 million of 3Q’09, mainly due to the incoming of CCL expenses
(R$26.4 million) and NovAmérica (R$6.6 million). Excluding CCL and
NovAmérica impacts, general and administrative expenses grew 44% (R$84.9
million in 3Q’10 versus R$72.3 million in 3Q’09).
The growth of
general and administrative expenses was mainly leveraged by the following
factors: (i) expenses related to the adoption of book-entry of Stock
Options accounting, which started to be recognized only in this fiscal
year, as per Technical Opinion CPC10; (ii) referring to the provisioning
of amounts payable on account of variable compensation of the management
and employees, in view of better results verified, and (iii) higher
expenditures with consulting services, aimed at projects such as the CAN
and EVA implementation.
|
||
Regarding
CCL, administrative expenses increase of R$ 12.9 million this quarter, as
opposed to 2Q’10. This increase is mainly due to non-recurring effects of
expenditures with consulting services, occurred in the quarter, provision
for Profit Sharing (PLR) and bonus, as well as a positive impact due to
the reversion of the provision for contingencies, occurred in 2Q’10 but
not repeated in 3Q’10.
|
3Q'09
|
3Q'10
|
General & Administrative
Expenses
|
YTD'09
|
YTD'10
|
||||||
(72.3)
|
(117.9)
|
G&A
Expenses (R$MM)
|
(197.6)
|
(323.4)
|
||||||
(63.9)
|
(91.5)
|
CAA
|
(189.2)
|
(267.2)
|
||||||
(8.4)
|
(26.4)
|
CCL
|
(8.4)
|
(56.2)
|
EBITDA
Depreciations
and amortizations of R$149.7 million, 110.5% higher than those registered
in 3Q’09 (R$71.1 million), are mainly due to the changed in the criteria
determining the depreciation adjusted to EBITDA calculations, as
previously mentioned. In 3Q’09, the criteria for recognizing depreciation
in the result was based on production and, with the end of the productive
harvest, acknowledged amounts were shorter. With the new criteria adopted,
part of the depreciations and amortizations of the production remain in
the inventory, and are only included in the result as the products are
sold. Thus, excluding this non-cash effect of operating costs and
expenses, the Company showed an EBITDA of R$490.4 million, versus R$340.4
million in the same period of the previous year.
Out of this
amount, R$421.7 million were generated by CAA, and the highest impact
(R$211.6 million) is a result of the Company’s decision to adhere to the
Refis Program, as explained later in section F. CCL’s contribution was of
R$68.7 million, compared to R$86.3 million in the previous quarter, mostly
affected by non-recurring expenses stated in Selling Expenses, General and
Administrative expenses above.
|
||
Financial
Results
The net
financial result was negative by R$78.3 million in 3Q’10 as opposed to
R$159.2 million in the same quarter of the previous year. From this
negative result, R$128.1 million are due to less expenses with net
exchange variation, in view of the exposure of assets and liabilities in
foreign currency and considering that the Real appreciated only 2% in
relation to the dollar in 3Q’10, as opposed to the 21% appreciation in
3Q’09.
The
derivatives result was positive by R$ 18.0 million in 3Q’10 (R$125.0
million in 3Q’09), represented by a loss of R$33.9 million with
commodities derivatives, compensated by gains of R$ 51.9 million with
currency derivatives.
|
Interest on
Financial debt totaled R$111.3 million this quarter, as opposed to R$95.2
million in the same quarter of the previous year. This increase is mainly
due to the indebtedness of Cosan Alimentos (former NovAmérica), which was
only consolidated as of June, 2009, and because the indebtedness assumed
to acquire CCL impacted only two months of
3Q’09
|
3Q'09
|
3Q'10
|
Financial Expenses, Net
(R$MM)
|
YTD'09
|
YTD'10
|
|||||
(95.2)
|
(111.3)
|
Interest on
Financial Debt
|
(176.2)
|
(312.8)
|
|||||
19.4
|
14.1
|
Financial
Investments Income
|
55.0
|
41.7
|
|||||
(75.8)
|
(97.2)
|
(=)
|
Sub-total:
Interest on Net Financial Debt
|
(121.2)
|
(271.1)
|
||||
(28.5)
|
(47.2)
|
Other
interest and monetary variation
|
(95.5)
|
(88.7)
|
|||||
(179.0)
|
50.1
|
Exchange
Variation
|
(578.9)
|
629.0
|
|||||
125.0
|
18.0
|
Gains
(losses) with Derivatives
|
173.1
|
162.1
|
|||||
(0.9)
|
(2.0)
|
CPMF Taxes,
Banking Fees and Other
|
(1.6)
|
(2.9)
|
|||||
(159.2)
|
(78.3)
|
(=)
|
Net
Financial Expenses
|
(624.0)
|
434.0
|
The position
of volumes and prices fixed on December 31, 2009, with the purpose of
hedging prices of sugar, ethanol and the currency exchange rate is as
follows:
|
Summary of Hedge on December 31,
2009:
|
Fiscal
Year
|
||||
2009/10
|
2010/11
|
2011/12
|
|||
Sugar
|
|||||
Sugar #11
(NY) - *
|
|||||
Volume
(thd tons)
|
861.4
|
1,249.6
|
119.0
|
||
Average
Price (¢US$/lb)
|
20.7
|
20.5
|
18.8
|
||
London
#5
|
|||||
Volume
(thd tons)
|
70.0
|
50.0
|
-
|
||
Average
Price (US$/ton)
|
591.4
|
567.2
|
-
|
||
FX
|
|||||
US$
|
|||||
Volume
(US$ million)
|
103.3
|
624.2
|
-
|
||
Average
Price (R$/US$)
|
1,808
|
1,882
|
-
|
EBITDAH
The EBITDAH
for the quarter was of R$508.4 million, as opposed to R$465.3 million in
the same quarter last year. Hedge results of these periods, though, cannot
be compared, since, as from 4Q’09, according to changes in the Brazilian
accounting policies, the results from derivatives began to reflect the
adjustments to the portfolio of contracted and open derivative positions
at market value in the period, which is already performed under US GAAP.
Therefore, the results from derivatives no longer reflects the amount of
gains or losses with derivatives associated with the volume of operating
revenue in the period, but rather the adjustment of open derivative
positions to their fair value independent of the objected being hedged by
the derivatives.
The result of
R$508.4 million in the quarter was affected by a net positive derivative
effect of R$18 million, as demonstrated
below:
|
Net
Profit
Cosan ended
3Q’10 with a net profit of R$167.1 million, as opposed to R$ 5.2 million
in the same quarter of the previous year. This result was strongly
impacted by the appropriation of Refis gains, in the amount of R$211.6
million, and negatively affected by reductions in the sales volumes of
sugar and ethanol.
|
||
D. Financial
Situation
|
||
The Company
closed 3Q’10 with gross financial debt of R$5,164.9 million, 1.8% down on
the R$5,258.3 recorded at the end of 2Q’10. In November 2009, the Company
implemented several measures to improve its debt profile, including full
payment of the promissory notes, 2009 senior notes, bank credit
certificates and debentures, the last two resulting from the acquisition
of NovAmérica, and the contracting of (i) US$ 430 million in
export pre-payments maturing in 5 years, (ii) US$ 100 million in export
credit notes (NCE) maturing in 3 years; (iii) R$ 300 million in export
credit certificates (CCE) maturing in 2 years. In addition, the BNDES
(Brazilian Development Bank) disbursed part of the funding for Jataí and
Gasa.
|
Debt per Type
(R$MM)
|
2Q'10
|
3Q'10
|
% ST
|
Var.
|
|||
Foreign
Currency
|
2,717.8
|
3,591.8
|
874.0
|
||||
Perpetual
Notes
|
809.6
|
792.8
|
1.2%
|
(16.8)
|
|||
Senior Notes
2017
|
719.4
|
716.7
|
2.8%
|
(2.7)
|
|||
Senior Notes
2009
|
66.4
|
-
|
0.0%
|
(66.4)
|
|||
Senior Notes
2014
|
630.5
|
632.3
|
3.6%
|
1.7
|
|||
IFC
|
83.0
|
90.9
|
100.0%
|
8.0
|
|||
FX
Advances
|
91.0
|
223.2
|
100.0%
|
132.2
|
|||
Pre-Export
Contracts
|
95.1
|
960.0
|
20.7%
|
864.9
|
|||
Export Credit
Notes
|
222.9
|
176.0
|
0.0%
|
(46.9)
|
|||
Local
Currency
|
2,540.5
|
1,573.0
|
(967.4)
|
||||
Promissory
Notes
|
1,233.7
|
-
|
0.0%
|
(1,233.7)
|
|||
BNDES
|
714.8
|
844.8
|
6.5%
|
130.0
|
|||
Finame
(BNDES)
|
210.0
|
156.1
|
31.0%
|
(53.9)
|
|||
Working
Capital
|
20.5
|
20.0
|
21.7%
|
(0.5)
|
|||
Overdraft
|
36.7
|
42.0
|
100.0%
|
5.3
|
|||
Credit
Banking Notes
|
217.4
|
121.1
|
100.0%
|
(96.4)
|
|||
Debentures
|
152.6
|
-
|
0.0%
|
(152.6)
|
|||
Credit
Notes
|
-
|
334.5
|
10.9%
|
334.5
|
|||
CDCA
|
-
|
60.2
|
50.2%
|
60.2
|
|||
PROINFA
|
-
|
42.2
|
0.0%
|
42.2
|
|||
Expenses with
Placement of Debt
|
(45.2)
|
(47.7)
|
32.4%
|
(2.5)
|
|||
Gross
Debt
|
5,258.3
|
5,164.9
|
17.2%
|
(93.4)
|
|||
Cash and
Marktable Securities
|
948.6
|
864.1
|
(84.6)
|
||||
Net
Debt
|
4,309.7
|
4,300.8
|
(8.9)
|
Also at the
end 3Q’10, Cosan’s cash position totaled R$864.1 million, reducing its net
debt to R$4,300.8 or 3.0 times EBITDA in the last 12 months. This EBITDA
is calculated using CCL’s and CAA’s last 12 month EBITDA and NovAmérica’s
annualized last 7 month EBITDA.
The debt
profile improved substantially, given that of the 17.2% of the total
corresponding to short-term debt, approximately R$400 million was in
advances on foreign exchange contracts (ACC) and in part of exports
prepayment, both products linked to the Company’s exports. A further R$90
million also classified as short-term referred to the debt with the IFC,
which the Company decided to prepay due to its high cost, given that a
portion is linked to the Group’s operating cash flow. In addition, we
preferred to initiate new negotiations with IFC in order to create a new
loan agreement that properly reflect the Company’s current financial and
ownership situation.
|
||
E. Investments
|
||
Cosan totaled
R$ 413.9 million in its investment flow for 3Q’10. Out of the total amount
of investments, R$ 401.0 million were invested in Capex, that is,
investments in fixed assets. The substantial difference when one analyses
the total investment flow in 3Q’10 as opposed to 3Q’09, is the fact that,
in the same period of the previous year, the amount was disbursed for CCL
acquisition.
The operating
Capex of R$210.1 million is related to the maintenance of the sugarcane
plantations, industrial mills and to several projects to improve the
efficiency of already existing assets. This quarter we accelerated
expansion projects of sugar plants that, when concluded, will raise our
sugar production capacity by 400 thd
ton/year.
|
3Q'09
|
3Q'10
|
Capex
(R$MM)
|
YTD'09
|
YTD'10
|
|||||
17.4
|
48.2
|
l
|
Sugar Cane
Planting Costs
|
96.9
|
164.6
|
||||
45.4
|
36.7
|
l
|
Inter-harvest
Maintenance Costs
|
60.2
|
63.2
|
||||
95.0
|
104.7
|
l
|
Projects
CAA
|
229.4
|
232.6
|
||||
4.8
|
20.5
|
l
|
Projects
CCL
|
4.8
|
39.7
|
||||
162.7
|
210.1
|
(=)
|
Operating
Capex
|
391.3
|
500.2
|
||||
103.5
|
93.5
|
l
|
Co-generation
Projects
|
272.4
|
264.4
|
||||
166.3
|
97.5
|
l
|
Greenfield
|
347.9
|
416.1
|
||||
432.4
|
401.0
|
(=)
|
Capex
|
1,011.5
|
1,180.7
|
||||
1,533.7
|
14.7
|
l
|
Investments
|
1,595.9
|
(14.6)
|
||||
-
|
(1.8)
|
l
|
Cash received
on Sale of Fixed Assets
|
-
|
(121.0)
|
||||
1,966.1
|
413.9
|
(=)
|
Investment
Cash Flow
|
2,607.4
|
1,045.1
|
Capex on
3Q’10’s is 7.3% lower than the same period in the previous year,
especially due to the slowdown of disbursements in greenfield projects
that were about to be concluded. On the other hand, operating projects
significantly increased, as described below.
The planting
in 3Q’09 was reduced to adapt cane levels to the installed capacity. In
3Q’10, investments in the renewal of the planting were retaken, increasing
the invested amount to R$ 48.2 million, throughout 8,400 hectares. This
amount also includes the soil preparation in areas not yet
planted.
Inter-harvest
maintenance investments were 19% lower than in the previous year, even
with the inclusion of the NovAmérica units, since 3Q’09 comprises months
from November to January, and this last month is typically strong in
inter-harvest maintenance.
Several CAA
projects used up R$ 104.7 million, and have the purpose of expanding
crushing capacity at existing units, increasing capacity at sugar plants,
internal infrastructure and environmental and processes
improvements.
CCL’s capex
in 3Q’10 was of R$ 20.5 million, 166% higher than in the previous quarter.
The main investments were concentrated in the infrastructure area, aiming
at supporting the company’s growth plans, such as the reopening of the
Belém and Governador Valadares terminals, and the beginning of the
construction of the Alto Taquari terminal. Additionally, investments were
made in image improvement and in the expansion of the Esso network gas
stations chain.
Investments
in power cogeneration were of R$93.5 million in the period, 9.6% lower
than the same period in the previous fiscal year; especially due to the
current stage of the works in progress, if compared to the works in the
conclusion stage as of 3Q’09, which used up a high amount of
resources.
The capex for
Cosan’s greenfield projects was of R$97.5 million in the period,
associated with the stage of conclusion stage of the Jataí (Goiás) and
Caarapó (Mato Grosso do Sul) projects.
In 3Q’10, the
CCL capex shows investments of R$ 20.5 million in improvements to service
stations, terminals expansion and renovation, and interventions in the
lubricants plant. The 165% increase, compared to the previous quarter, can
be explained by the retaking of the works pace and service stations
branding.
|
F. Effects of the Program for Paying
Tax debts in Installments (“Refis”)
|
||
During the
3Q’10, the Company adhered to the program for paying tax debts in
installments, set by the Brazilian Government in accordance with law No.
11.941/09 and Provisional Measure MP 470/09. In the scope of the program,
Cosan had reductions in contingent tax liabilities, mainly related to the
IPI Tax, which generated a benefit in the quarter, recognized in the entry
of other operating revenues, in the amount of R$ 211.6 million.
Additionally, this program also enabled the company to use income tax
losses credits in the amount of approximately R$ 204 million, to reduce
tax obligations that were previously being the subject contest of dispute
by the Company. This last benefit, in spite of not impacting the result
under the accounting point of view, benefited the Company, in the sense
that the mentioned tax credits of the Income Tax are used only as the
Company profits according to tax criteria, and are limited to 30% of the
same in each annual period.
|
||
G. Material
Facts
|
||
In November
2009, the Company’s first greenfield project began operations in the city
of Jataí, in Goiás state. With a crushing capacity of 4 million tonnes
p.a., the Jataí plant is considered to be among the most modern in Brazil
and the world, thanks to its exceptionally high level of automation. Also
on this quarter, the Caarapó greenfield Project, which Cosan assumed with
the acquisition of NovAmérica, started operating.
On November
24th, the Company acquired a 26.7% of participation in TEAS, an ethanol
port terminal in Santos, for the amount of R$20 million, becoming the
owner of 66.67% of this society’s total and voting capital
On December
24, 2009, Rumo Logística notified ALL – América Latina Logística S.A. that
as of that date the long-term agreements entered into by the two parties
in March 2009 were valid and executable in all their terms and conditions,
in the form set forth therein. The object of the agreements include the
transportation by ALL of bulk sugar and other byproducts, with the
expansion of the parties’ operational capacity through investments of
around R$ 1.2 billion in rights of way, yards, rail cars, locomotives and
terminals to be realized by Rumo in ALL’s network. By January 20, 2010,
Rumo had already transported approximately 230,000 tonnes of sugar through
ALL’s network.
The period
for the exercise of subscription warrants conferred during the capital
increase of Cosan S.A. on November 10, 2008, expired on December 31, 2009.
A total of 54,987,554 warrants were exercised, increasing the Company's
capital by 32,992,531 new shares. Cosan Limited exercised all of the
warrants it held, subscribing to 26,996,089 new Cosan S.A. shares and
increasing the latter’s capital by R$ 431,937,424.00, while other
shareholders were responsible for
|
exercising
warrants corresponding to 5,996,442 new shares, equivalent to R$
95,943,072.00.
|
Shareholder
|
Common
shares
|
%
|
|||
Cosan
Limited
|
253,703,323
|
62.40
|
|||
Rezende
Barbosa
|
44,300,389
|
10.90
|
|||
Novo
Mercado
|
108,539,605
|
26.70
|
|||
Total
|
406,543,317
|
100.00
|
In December
2009, Cosan and Amyris announced a partnership to implement Amyris’
technology in one of the Group’s plants to produce high added-value
biofuels, involving investments of up to R$ 50 million. In addition to
sugar and ethanol, the unit will also be capable of producing a chemical
compound resulting from the fermentation of sugarcane juice and yeast.
Both companies are still studying the details regarding the implementation
and funding of these operations. For Cosan, investments in the development
of new renewable energy sources such as biofuels are strategic, and the
partnership with Amyris underlines this commitment.
|
||
H.
Guidance
|
||
This section
contains guidance ranges for selected key parameters of the Company. Note
that statements in other sections of this letter may also contain
projections. These projections and guidance are merely estimates and
indicative, and should not be construed as a guarantee of future
performance.
This guidance
takes into consideration the operations held by the Cosan group today,
which includes CCL, NovAmérica Agroenergia (10 months) and Rumo Logística,
as well as the typical and known sugar, ethanol and cogeneration
operations of Cosan.
|
Guidance
|
2008FY
|
2009FY
|
2010FY
|
||
Crushed Cane
Volume (thousand tons)
|
40,315
|
43,127
|
+20% ≤ ∆ ≤
+30%
|
||
Sugar Volume
Sold (thousand tons)
|
3,147
|
3,052
|
+30% ≤ ∆ ≤
+50%
|
||
Ethanol
Volume Sold (million liters)
|
1,568
|
1,495
|
+40% ≤ ∆ ≤
+60%
|
||
Revenues
(R$MM)
|
2,736
|
6,270
|
+110% ≤ ∆ ≤
+140%
|
||
EBITDA
(R$MM)
|
183
|
718
|
+100% ≤ ∆ ≤
+120%
|
||
Net
Profit/Loss (R$MM)
|
(48)
|
(474)
|
*
|
||
Capex
(R$MM)
|
1,053
|
1,346
|
+20% ≤ ∆ ≤
+40%
|
* The Net
profit (loss) is very sensitive to FX variations. Considering today’s FX
rate of R$1.89/US$, it is expected that the FY’09 net loss of R$473.8
million will be reverted to net profit in the next fiscal
year.
|
I. Attachments
|
||
1.
Net Revenues
|
3Q'09
|
3Q'10
|
Sales Composition
(R$MM)
|
YTD'09
|
YTD'10
|
|||||||
2,565.6
|
3,800.5
|
Net Operating
Revenue
|
3,920.3
|
10,941.9
|
|||||||
540.6
|
753.8
|
l
|
Sugar Revenue -
CAA
|
1,302.7
|
2,203.7
|
||||||
54.6
|
317.3
|
Local
|
169.7
|
756.1
|
|||||||
486.0
|
436.5
|
Export
|
1,133.0
|
1,447.7
|
|||||||
364.0
|
338.3
|
l
|
Ethanol Revenue -
CAA
|
838.5
|
1,145.5
|
||||||
268.0
|
249.3
|
Local
|
517.3
|
776.2
|
|||||||
96.0
|
89.0
|
Export
|
321.2
|
369.3
|
|||||||
60.7
|
104.3
|
l
|
Other Revenue -
CAA
|
178.7
|
342.1
|
||||||
55.4
|
104.3
|
Local
|
163.6
|
325.0
|
|||||||
5.3
|
0.0
|
Export
|
15.2
|
17.1
|
|||||||
1,500.2
|
2,537.0
|
l
|
Fuels Revenue -
CCL
|
1,500.2
|
7,035.7
|
||||||
114.3
|
240.7
|
Ethanol
|
114.3
|
586.5
|
|||||||
672.4
|
1,102.4
|
Gasoline
|
672.4
|
2,902.3
|
|||||||
568.2
|
1,166.5
|
Diesel
|
568.2
|
3,339.3
|
|||||||
145.3
|
27.4
|
Other
|
145.3
|
207.6
|
|||||||
88.2
|
143.9
|
l
|
Lubes Revenue -
CCL
|
88.2
|
465.1
|
||||||
12.0
|
18.7
|
l
|
Other Revenue -
CCL
|
12.0
|
55.6
|
||||||
-
|
(95.5)
|
l
|
Eliminations from
Consolidation
|
-
|
(305.8)
|
2.
Volume
Sold
|
3Q'09
|
3Q'10
|
Volume Sold
|
YTD'09
|
YTD'10
|
|||||||
808.8
|
887.2
|
Sugar (thd
tons)
|
2,340.3
|
2,976.8
|
|||||||
82.4
|
282.8
|
Local
|
278.8
|
774.6
|
|||||||
726.4
|
604.4
|
Export
|
2,061.5
|
2,202.2
|
|||||||
438.1
|
379.2
|
Ethanol (MM
liters)
|
1,058.3
|
1,586.6
|
|||||||
347.6
|
248.3
|
Local
|
685.5
|
1,046.0
|
|||||||
90.5
|
130.9
|
Export
|
372.9
|
540.6
|
|||||||
864.4
|
1,460.0
|
Fuels (MM
liters)
|
864.4
|
4,150.3
|
|||||||
127.6
|
229.3
|
Ethanol
|
127.6
|
655.6
|
|||||||
308.9
|
494.2
|
Gasoline
|
308.9
|
1,325.0
|
|||||||
302.2
|
699.8
|
Diesel
|
302.2
|
1,927.3
|
|||||||
125.7
|
36.7
|
Others
|
125.7
|
242.4
|
|||||||
15.5
|
30.7
|
Lubes (MM
liters)
|
15.5
|
94.8
|
3.
Average
Prices
|
3Q'09
|
3Q'10
|
Average
Price
|
YTD'09
|
YTD'10
|
||||||
668
|
850
|
Sugar
(R$/ton)
|
557
|
740
|
||||||
663
|
1,122
|
Local
|
609
|
976
|
||||||
669
|
722
|
Export
|
550
|
657
|
||||||
831
|
892
|
Ethanol (R$/thd
liters)
|
792
|
722
|
||||||
771
|
1,004
|
Local
|
755
|
742
|
||||||
1,060
|
680
|
Export
|
861
|
683
|
||||||
1,736
|
1,738
|
Fuels (R$/Thd
liters)
|
1,736
|
1,695
|
||||||
896
|
1,050
|
Ethanol
|
896
|
895
|
||||||
2,176
|
2,231
|
Gasoline
|
2,176
|
2,190
|
||||||
1,880
|
1,667
|
Diesel
|
1,880
|
1,733
|
||||||
1,156
|
745
|
Others
|
1,156
|
856
|
||||||
5,701
|
4,680
|
Lubes (R$/Thd
liters)
|
5,701
|
4,907
|
Income
Statement
|
Apr'07
|
Apr'08
|
Mar'09
|
Apr'08
|
Jul'08
|
Oct'08
|
Jan'09
|
Mar'09
|
Jun'09
|
Sep'09
|
Dec'09
|
||||||||||||||||||||||||||||||||||
(In million of
reais)
|
FY'07
|
FY'08
|
FY'09
|
4Q'08
|
1Q'09
|
2Q'09
|
3Q'09
|
4Q'09
|
1Q'10
|
2Q'10
|
3Q'10
|
||||||||||||||||||||||||||||||||||
Gross
Operating Revenue
|
3,902.9 | 2,978.6 | 6,732.8 | 916.4 | 692.7 | 760.1 | 2,746.4 | 2,533.6 | 3,843.5 | 3,907.2 | 4,145.1 | ||||||||||||||||||||||||||||||||||
(-)
|
Sales Taxes
and Deductions
|
(297.8 | ) | (242.5 | ) | (462.7 | ) | (73.4 | ) | (53.1 | ) | (45.0 | ) | (180.7 | ) | (183.8 | ) | (277.4 | ) | (331.9 | ) | (344.6 | ) | ||||||||||||||||||||||
(=)
|
Net
Operating Revenue
|
3,605.1 | 2,736.2 | 6,270.1 | 843.0 | 639.6 | 715.1 | 2,565.6 | 2,349.8 | 3,566.1 | 3,575.3 | 3,800.5 | |||||||||||||||||||||||||||||||||
(-)
|
Cost of Goods
Sold and Services Rendered
|
(2,481.1 | ) | (2,387.1 | ) | (5,470.7 | ) | (693.6 | ) | (626.0 | ) | (547.1 | ) | (2,187.6 | ) | (2,109.9 | ) | (3,198.4 | ) | (3,051.5 | ) | (3,340.5 | ) | ||||||||||||||||||||||
(=)
|
Gross
Profit
|
1,123.9 | 349.0 | 799.4 | 149.4 | 13.6 | 167.9 | 378.0 | 239.9 | 367.7 | 523.8 | 460.0 | |||||||||||||||||||||||||||||||||
Margin
|
31.2% | 12.8% | 12.7% | 17.7% | 2.1% | 23.5% | 14.7% | 10.2% | 10.3% | 14.7% | 12.1% | ||||||||||||||||||||||||||||||||||
(-)
|
Operating
Income (Expenses):
|
(556.6 | ) | (418.0 | ) | (1,508.5 | ) | (161.8 | ) | (94.9 | ) | (754.7 | ) | (319.6 | ) | (339.4 | ) | 117.9 | (246.1 | ) | (206.9 | ) | |||||||||||||||||||||||
(-)
|
Selling
|
(282.0 | ) | (301.3 | ) | (432.6 | ) | (74.9 | ) | (85.7 | ) | (88.6 | ) | (156.8 | ) | (101.5 | ) | (209.6 | ) | (211.3 | ) | (218.4 | ) | ||||||||||||||||||||||
(-)
|
General and
Administrative
|
(246.2 | ) | (210.2 | ) | (275.9 | ) | (57.7 | ) | (59.7 | ) | (65.7 | ) | (72.3 | ) | (78.2 | ) | (89.3 | ) | (116.2 | ) | (117.9 | ) | ||||||||||||||||||||||
(-)
|
Financial
Income (Expenses), Net
|
158.0 | 284.3 | (817.4 | ) | 1.0 | 86.9 | (551.8 | ) | (159.2 | ) | (193.4 | ) | 433.4 | 78.9 | (78.3 | ) | ||||||||||||||||||||||||||||
(±)
|
Earnings
(Losses) on Equity Investments
|
(0.1 | ) | 6.6 | 14.0 | 6.4 | 0.2 | (0.3 | ) | 13.6 | 0.5 | (3.6 | ) | 0.0 | (9.4 | ) | |||||||||||||||||||||||||||||
(-)
|
Goodwill
Amortization
|
(223.7 | ) | (201.4 | ) | (196.5 | ) | (40.6 | ) | (40.4 | ) | (40.4 | ) | (65.2 | ) | (50.5 | ) | (85.6 | ) | - | - | ||||||||||||||||||||||||
(±)
|
Other
Operating Income (Expenses), Net
|
37.3 | 4.0 | 199.9 | 4.0 | 3.9 | (8.0 | ) | 120.2 | 83.7 | 72.5 | 2.5 | 217.0 | ||||||||||||||||||||||||||||||||
(=)
|
Operating
Income (Loss)
|
567.3 | (69.0 | ) | (709.1 | ) | (12.4 | ) | (81.3 | ) | (586.7 | ) | 58.5 | (99.5 | ) | 485.6 | 277.8 | 253.0 | |||||||||||||||||||||||||||
Margin
|
15.7% | -2.5% | -11.3% | -1.5% | -12.7% | -82.0% | 2.3% | -4.2% | 13.6% | 7.8% | 6.7% | ||||||||||||||||||||||||||||||||||
(±)
|
Income and
Social Contribution Taxes
|
(203.9 | ) | 18.7 | 234.7 | 6.6 | 22.4 | 205.9 | (53.3 | ) | 59.6 | (157.9 | ) | (103.8 | ) | (85.3 | ) | ||||||||||||||||||||||||||||
(±)
|
Minority
Interest
|
(6.2 | ) | 2.5 | 0.6 | 0.5 | 0.8 | 0.1 | 0.0 | (0.4 | ) | 9.6 | (0.6 | ) | (0.7 | ) | |||||||||||||||||||||||||||||
(=)
|
Net
Income (Loss) for the Year
|
357.0 | (48.0 | ) | (474.0 | ) | (5.0 | ) | (58.0 | ) | (381.0 | ) | 5.0 | (40.0 | ) | 337.0 | 173.0 | 167.0 | |||||||||||||||||||||||||||
Margin
|
9.9% | -1.8% | -7.6% | -0.6% | -9.1% | -53.3% | 0.2% | -1.7% | 9.5% | 4.8% | 4.4% | ||||||||||||||||||||||||||||||||||
l
|
EBITDA
|
930.0 | 182.9 | 718.0 | 49.9 | 29.2 | 182.5 | 340.4 | 165.9 | 311.2 | 355.7 | 490.4 | |||||||||||||||||||||||||||||||||
Margin
|
25.8% | 6.7% | 11.5% | 5.9% | 4.6% | 25.5% | 13.3% | 7.1% | 8.7% | 9.9% | 12.9% | ||||||||||||||||||||||||||||||||||
l
|
EBITDAH
(Ebitda adjusted by Hedge)
|
855.7 | 407.8 | 765.7 | 31.0 | 74.4 | 185.5 | 465.3 | 40.4 | 472.0 | 338.9 | 508.4 | |||||||||||||||||||||||||||||||||
Margin
|
24.2% | 13.8% | 12.1% | 3.8% | 10.9% | 25.8% | 17.3% | 1.8% | 12.7% | 9.5% | 13.3% | ||||||||||||||||||||||||||||||||||
l
|
Depreciation
& Amortization
|
297.0 | 341.3 | 427.2 | 29.1 | 157.2 | 176.8 | 71.1 | 22.0 | 169.9 | 156.8 | 149.7 |
Balance
Sheet
|
Apr'07
|
Apr'08
|
Mar'09
|
Apr'08
|
Jul'08
|
Oct'08
|
Jan'09
|
Mar'09
|
Jun'09
|
Sep'09
|
Dec'09
|
|||||||||||||||||||||||||||||||||
(In million of
reais)
|
FY'07
|
FY'08
|
FY'09
|
4Q'08
|
1Q'09
|
2Q'09
|
3Q'09
|
4Q'09
|
1Q'10
|
2Q'10
|
3Q'10
|
|||||||||||||||||||||||||||||||||
Cash and Cash
Equivalents
|
1,217.1 | 1,010.1 | 719.4 | 1,010.1 | 633.9 | 1,276.3 | 689.7 | 719.4 | 932.9 | 948.6 | 864.1 | |||||||||||||||||||||||||||||||||
Restricted
Cash
|
35.9 | 79.6 | 11.8 | 79.6 | 79.4 | 0.2 | 11.9 | 11.8 | 40.1 | 149.5 | 172.1 | |||||||||||||||||||||||||||||||||
Derivative
Financial Instruments
|
1.6 | 6.9 | 17.0 | 6.9 | 9.0 | 8.6 | 6.1 | 17.0 | 86.6 | 97.4 | 72.0 | |||||||||||||||||||||||||||||||||
Trade Accounts
Receivable
|
112.3 | 215.2 | 599.2 | 215.2 | 115.5 | 215.9 | 459.0 | 599.2 | 585.6 | 589.7 | 511.1 | |||||||||||||||||||||||||||||||||
Inventories
|
503.4 | 570.5 | 1,106.2 | 570.5 | 905.6 | 1,439.9 | 1,643.7 | 1,106.2 | 1,149.9 | 1,531.5 | 1,936.8 | |||||||||||||||||||||||||||||||||
Advances to
Suppliers
|
211.4 | 226.1 | 206.0 | 226.1 | 252.3 | 287.0 | 239.9 | 206.0 | 386.1 | 336.7 | 241.2 | |||||||||||||||||||||||||||||||||
Related
Parties
|
- | 16.3 | 57.2 | 16.3 | 1.1 | 28.4 | 35.8 | 57.2 | 36.1 | 21.6 | 24.6 | |||||||||||||||||||||||||||||||||
Deferred
Income and Social Contribution Taxes
|
38.1 | - | 42.5 | - | - | - | - | 42.5 | 53.5 | 48.1 | 29.2 | |||||||||||||||||||||||||||||||||
Recoverable
Taxes
|
54.0 | 129.8 | 265.4 | 129.8 | 121.3 | 160.6 | 240.7 | 265.4 | 299.0 | 342.9 | 307.8 | |||||||||||||||||||||||||||||||||
Other
Assets
|
50.9 | 17.9 | 50.3 | 17.9 | 21.9 | 37.1 | 82.3 | 50.3 | 32.7 | 41.7 | 54.0 | |||||||||||||||||||||||||||||||||
Current
Assets
|
2,224.7 | 2,272.4 | 3,074.9 | 2,272.4 | 2,140.0 | 3,453.9 | 3,409.0 | 3,074.9 | 3,602.6 | 4,107.9 | 4,212.8 | |||||||||||||||||||||||||||||||||
Accounts
Receivable from Federal Government
|
318.4 | 342.2 | 323.4 | 342.2 | 342.2 | 342.2 | 342.2 | 323.4 | 326.4 | 329.0 | 331.4 | |||||||||||||||||||||||||||||||||
CTN's-Restricted
Brazilian Treasury Bills
|
123.3 | 151.7 | 177.6 | 151.7 | 164.8 | 170.9 | 175.5 | 177.6 | 184.7 | 189.3 | 194.6 | |||||||||||||||||||||||||||||||||
Deferred
Income and Social Contribution Taxes
|
242.5 | 357.0 | 700.0 | 357.0 | 386.7 | 567.8 | 665.0 | 700.0 | 644.6 | 551.5 | 334.2 | |||||||||||||||||||||||||||||||||
Advances to
Suppliers
|
- | 77.3 | 48.0 | 77.3 | 88.2 | 93.6 | 125.3 | 48.0 | 55.5 | 85.1 | 132.5 | |||||||||||||||||||||||||||||||||
Related
Parties
|
- | - | - | - | - | - | - | - | 153.2 | 151.8 | 149.9 | |||||||||||||||||||||||||||||||||
Other
Assets
|
112.4 | 94.4 | 132.4 | 94.4 | 124.1 | 124.0 | 159.1 | 132.4 | 185.4 | 190.2 | 210.8 | |||||||||||||||||||||||||||||||||
Investments
|
93.2 | 120.3 | 278.2 | 120.3 | 124.2 | 184.7 | 280.5 | 278.2 | 181.3 | 196.5 | 194.0 | |||||||||||||||||||||||||||||||||
Property,
Plant and Equipment
|
2,015.7 | 2,776.3 | 3,493.9 | 2,776.3 | 2,882.8 | 3,020.8 | 3,389.0 | 3,493.9 | 4,516.4 | 4,671.4 | 4,871.5 | |||||||||||||||||||||||||||||||||
Goodwill
|
1,133.2 | 1,160.7 | 2,418.8 | 1,160.7 | 1,115.6 | 1,074.5 | 2,493.8 | 2,418.8 | 2,724.3 | 2,737.5 | 2,765.5 | |||||||||||||||||||||||||||||||||
Noncurrent
Assets
|
4,038.6 | 5,079.9 | 7,572.5 | 5,079.9 | 5,228.5 | 5,578.5 | 7,630.4 | 7,572.5 | 8,971.7 | 9,102.3 | 9,184.4 | |||||||||||||||||||||||||||||||||
(=)
Total
Assets
|
6,263.4 | 7,352.4 | 10,647.4 | 7,352.4 | 7,368.5 | 9,032.4 | 11,039.4 | 10,647.4 | 12,574.3 | 13,210.2 | 13,397.2 | |||||||||||||||||||||||||||||||||
Loans and
Financings
|
117.2 | 78.2 | 1,449.5 | 78.2 | 74.2 | 311.0 | 1,480.6 | 1,449.5 | 1,127.4 | 1,184.7 | 892.6 | |||||||||||||||||||||||||||||||||
Derivatives
Financial Instruments
|
45.3 | 50.7 | 66.9 | 50.7 | 19.3 | 32.6 | 49.5 | 66.9 | 98.9 | 215.4 | 232.9 | |||||||||||||||||||||||||||||||||
Trade Accounts
Payable
|
113.8 | 191.0 | 456.1 | 191.0 | 331.6 | 489.9 | 518.2 | 456.1 | 662.8 | 712.5 | 712.1 | |||||||||||||||||||||||||||||||||
Salaries
Payable
|
63.3 | 80.7 | 93.2 | 80.7 | 119.0 | 143.0 | 77.7 | 93.2 | 152.3 | 180.9 | 133.0 | |||||||||||||||||||||||||||||||||
Taxes and
Social Contributions Payable
|
126.2 | 116.1 | 168.6 | 116.1 | 115.0 | 109.7 | 163.2 | 168.6 | 189.8 | 230.9 | 201.0 | |||||||||||||||||||||||||||||||||
Related
Parties
|
0.7 | - | 5.2 | - | - | - | 2.5 | 5.2 | 4.5 | 3.8 | 50.5 | |||||||||||||||||||||||||||||||||
Other
Liabilities
|
125.4 | 49.9 | 85.8 | 49.9 | 34.4 | 126.1 | 66.6 | 85.8 | 134.1 | 100.7 | 123.4 | |||||||||||||||||||||||||||||||||
Current
Liabilities
|
591.7 | 566.5 | 2,325.2 | 566.5 | 693.4 | 1,212.3 | 2,358.2 | 2,325.2 | 2,369.7 | 2,629.0 | 2,345.5 | |||||||||||||||||||||||||||||||||
Loans and
Financing
|
2,819.9 | 2,106.2 | 2,885.5 | 2,106.2 | 2,047.9 | 2,679.3 | 2,904.5 | 2,885.5 | 4,091.4 | 4,667.4 | 4,859.1 | |||||||||||||||||||||||||||||||||
Taxes and
Social Contributions Payable
|
338.5 | 359.3 | 328.8 | 359.3 | 351.5 | 346.1 | 336.0 | 328.8 | 335.5 | 288.9 | 255.7 | |||||||||||||||||||||||||||||||||
Provision for
Legal Proceedings
|
728.0 | 832.4 | 1,105.9 | 832.4 | 849.8 | 873.1 | 1,114.1 | 1,105.9 | 1,135.5 | 1,143.4 | 755.7 | |||||||||||||||||||||||||||||||||
Related
Parties
|
- | - | 405.2 | - | - | - | 405.3 | 405.2 | 341.5 | - | - | |||||||||||||||||||||||||||||||||
Pension
Fund
|
- | - | 60.4 | - | - | - | 58.5 | 60.4 | 61.0 | 62.3 | 61.6 | |||||||||||||||||||||||||||||||||
Other
Liabilities
|
134.0 | 144.4 | 139.9 | 144.4 | 141.3 | 138.4 | 134.8 | 139.9 | 169.2 | 168.4 | 155.8 | |||||||||||||||||||||||||||||||||
Noncurrent
Liabilities
|
4,020.4 | 3,442.3 | 4,925.5 | 3,442.3 | 3,390.5 | 4,037.0 | 4,953.1 | 4,925.5 | 6,134.1 | 6,330.3 | 6,087.8 | |||||||||||||||||||||||||||||||||
Minority
Shareholders' Interest
|
20.2 | 17.7 | 30.9 | 17.7 | 17.0 | 20.3 | 31.5 | 30.9 | 29.9 | 30.4 | 47.0 | |||||||||||||||||||||||||||||||||
Capital
|
1,192.7 | 2,935.3 | 3,819.8 | 2,935.3 | 2,935.3 | 3,815.3 | 3,815.3 | 3,819.8 | 4,153.9 | 4,155.3 | 4,687.7 | |||||||||||||||||||||||||||||||||
Capital
Reserve
|
- | - | 41.7 | - | - | (4.2 | ) | (4.2 | ) | 41.7 | 45.1 | 50.2 | 50.1 | |||||||||||||||||||||||||||||||
Profits
Reserve
|
227.3 | 180.2 | - | 180.2 | 180.2 | 180.2 | 180.2 | - | - | - | - | |||||||||||||||||||||||||||||||||
Legal
Reserve
|
16.0 | 16.0 | - | 16.0 | 16.0 | 16.0 | 16.0 | - | - | - | - | |||||||||||||||||||||||||||||||||
Revaluation
Reserves
|
195.0 | 194.4 | - | 194.4 | 194.2 | 193.8 | 93.2 | - | - | - | - | |||||||||||||||||||||||||||||||||
Accumulated
losses
|
- | - | (495.7 | ) | - | (57.9 | ) | (438.2 | ) | (403.9 | ) | (495.7 | ) | (158.4 | ) | 15.0 | 179.1 | |||||||||||||||||||||||||||
Shareholders'
Equity
|
1,631.0 | 3,325.8 | 3,365.7 | 3,325.8 | 3,267.7 | 3,762.8 | 3,696.6 | 3,365.7 | 4,040.7 | 4,220.5 | 4,917.0 | |||||||||||||||||||||||||||||||||
(=)
Total
Liabilities & Shareholders' Equity
|
6,263.4 | 7,352.4 | 10,647.4 | 7,352.4 | 7,368.5 | 9,032.4 | 11,039.4 | 10,647.4 | 12,574.3 | 13,210.2 | 13,397.2 |
Cash Flow
Statement
|
Apr'07
|
Apr'08
|
Mar'09
|
Apr'08
|
Jul'08
|
Oct'08
|
Jan'09
|
Mar'09
|
Jun'09
|
Sep'09
|
Dec'09
|
|||||||||||||||||||||||||||||||||
(In millions of
reais)
|
FY'07
|
FY'08
|
FY'09
|
4Q'08
|
1Q'09
|
2Q'09
|
3Q'09
|
4Q'09
|
1Q'10
|
2Q'10
|
3Q'10
|
|||||||||||||||||||||||||||||||||
Net
Income (Loss) for the Year
|
357.3 | (47.8 | ) | (473.8 | ) | (5.3 | ) | (58.1 | ) | (380.7 | ) | 5.2 | (40.2 | ) | 337.3 | 173.4 | 167.1 | |||||||||||||||||||||||||||
Non-cash
Adjustments:
|
||||||||||||||||||||||||||||||||||||||||||||
Earnings
(Losses) from Equity Investments
|
0.1 | (6.6 | ) | (14.0 | ) | (6.4 | ) | (0.2 | ) | 0.3 | (13.6 | ) | (0.5 | ) | 3.6 | (0.0 | ) | 9.4 | ||||||||||||||||||||||||||
Depreciation
& Amortization
|
297.0 | 341.3 | 427.2 | 29.1 | 157.2 | 176.8 | 71.1 | 22.0 | 169.9 | 156.8 | 149.7 | |||||||||||||||||||||||||||||||||
Losses (Gains)
in Fixed Assets Disposals
|
8.4 | (1.2 | ) | (208.9 | ) | (8.1 | ) | 1.2 | 4.5 | 3.0 | (217.6 | ) | (103.2 | ) | 0.8 | 1.1 | ||||||||||||||||||||||||||||
Goodwill
Amortization
|
223.7 | 201.4 | 196.5 | 40.6 | 40.4 | 40.4 | 65.2 | 50.5 | 85.6 | - | - | |||||||||||||||||||||||||||||||||
Accrued
Financial Expenses
|
(190.6 | ) | (116.0 | ) | 932.5 | (37.2 | ) | (26.2 | ) | 572.0 | 297.8 | 89.0 | (287.8 | ) | (84.0 | ) | (60.5 | ) | ||||||||||||||||||||||||||
Other Non-cash
Items
|
119.7 | (42.4 | ) | (197.9 | ) | (0.7 | ) | (32.2 | ) | (162.9 | ) | 49.3 | (52.1 | ) | 133.1 | 74.0 | (154.1 | ) | ||||||||||||||||||||||||||
(=)
Adjusted Net Profit (Loss)
|
815.5 | 328.8 | 661.5 | 12.1 | 82.0 | 250.4 | 478.0 | (148.9 | ) | 338.5 | 321.0 | 112.6 | ||||||||||||||||||||||||||||||||
(±) Variation
on Assets and Liabilities
|
(148.0 | ) | (360.1 | ) | (234.5 | ) | 323.9 | (129.5 | ) | (399.0 | ) | (140.7 | ) | 434.7 | 195.7 | (312.9 | ) | (142.7 | ) | |||||||||||||||||||||||||
(=)
Cash Flow from Operating Activities
|
667.5 | (31.3 | ) | 427.0 | 335.9 | (47.4 | ) | (148.6 | ) | 337.3 | 285.8 | 534.2 | 8.1 | (30.1 | ) | |||||||||||||||||||||||||||||
Additions on
Investments, Net of Cash Received
|
(83.7 | ) | (160.5 | ) | (1,823.6 | ) | (155.9 | ) | (0.7 | ) | (61.4 | ) | (1,533.7 | ) | (227.7 | ) | 58.5 | (29.2 | ) | (14.7 | ) | |||||||||||||||||||||||
Additions on
Property, Plant and Equipment
|
(684.2 | ) | (1,053.1 | ) | (1,346.1 | ) | (474.4 | ) | (264.8 | ) | (314.3 | ) | (432.4 | ) | (334.6 | ) | (420.6 | ) | (359.1 | ) | (401.0 | ) | ||||||||||||||||||||||
Cash Received
on Sale of Fixed Asset
|
- | 12.2 | 372.1 | 12.2 | 1.6 | (1.6 | ) | - | 372.1 | 117.7 | 1.5 | 1.8 | ||||||||||||||||||||||||||||||||
(=)
Cash Flow from Investment Activities
|
(767.9 | ) | (1,201.4 | ) | (2,797.6 | ) | (618.1 | ) | (263.9 | ) | (377.4 | ) | (1,966.1 | ) | (190.3 | ) | (244.3 | ) | (386.8 | ) | (413.9 | ) | ||||||||||||||||||||||
Additions of
Debt
|
854.7 | 198.3 | 1,478.0 | (25.5 | ) | 3.0 | 315.8 | 1,196.4 | (37.1 | ) | 172.9 | 1,045.8 | 1,665.5 | |||||||||||||||||||||||||||||||
Payments of
Principal and Interest on Debt
|
(375.6 | ) | (839.4 | ) | (257.2 | ) | (52.2 | ) | (67.8 | ) | (26.7 | ) | (148.3 | ) | (14.4 | ) | (127.8 | ) | (317.3 | ) | (1,838.4 | ) | ||||||||||||||||||||||
Capital
Increase
|
6.9 | 1,742.6 | 884.5 | - | - | 880.0 | - | 4.5 | - | 1.4 | 532.4 | |||||||||||||||||||||||||||||||||
Treasury
Stock
|
- | - | (4.2 | ) | - | - | (4.2 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||||
Capital
Increase at subsidiaries
|
- | - | 15.4 | - | - | 3.5 | - | 11.9 | - | - | - | |||||||||||||||||||||||||||||||||
Dividends
|
- | (75.8 | ) | - | (75.8 | ) | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Other
|
- | - | (36.6 | ) | (2.4 | ) | - | - | (5.9 | ) | (30.7 | ) | (121.4 | ) | (335.4 | ) | - | |||||||||||||||||||||||||||
(=)
Cash Flows from Financing Activities
|
486.0 | 1,025.7 | 2,079.9 | (155.9 | ) | (64.8 | ) | 1,168.4 | 1,042.2 | (65.8 | ) | (76.3 | ) | 394.4 | 359.5 | |||||||||||||||||||||||||||||
(=)
Total Cash Flow
|
385.6 | (207.0 | ) | (290.7 | ) | (438.1 | ) | (376.2 | ) | 642.4 | (586.7 | ) | 29.7 | 213.6 | 15.7 | (84.6 | ) | |||||||||||||||||||||||||||
(+) Cash &
Equivalents, Beginning
|
831.5 | 1,217.1 | 1,010.1 | 1,448.2 | 1,010.1 | 633.9 | 1,276.3 | 689.7 | 719.4 | 932.9 | 948.6 | |||||||||||||||||||||||||||||||||
(=)
Cash & Equivalents, Closing
|
1,217.1 | 1,010.1 | 719.4 | 1,010.1 | 633.9 | 1,276.3 | 689.7 | 719.4 | 932.9 | 948.6 | 864.1 |
Credit Statistics
(LTM)
|
Apr'07
|
Apr'08
|
Mar'09
|
Apr'08
|
Jul'08
|
Oct'08
|
Jan'09
|
Mar'09
|
Jun'09
|
Sep'09
|
Dec'09
|
|||||||||||||||||||||||||||||||||
(In million of
reais)
|
FY'07
|
FY'08
|
FY'09
|
4Q'08
|
1Q'09
|
2Q'09
|
3Q'09
|
4Q'09
|
1Q'10
|
2Q'10
|
3Q'10
|
|||||||||||||||||||||||||||||||||
Net
Operating Revenues
|
3,605.1 | 2,736.2 | 6,270.1 | 2,736.2 | 2,784.1 | 2,871.6 | 4,763.3 | 6,270.1 | 9,196.6 | 12,056.9 | 13,291.7 | |||||||||||||||||||||||||||||||||
l Gross
Profit
|
1,123.9 | 349.0 | 799.4 | 349.0 | 318.9 | 410.5 | 708.9 | 799.4 | 1,153.6 | 1,509.4 | 1,591.4 | |||||||||||||||||||||||||||||||||
l
EBITDA
|
930.0 | 182.9 | 718.0 | 182.9 | 159.6 | 264.0 | 602.1 | 718.0 | 1,000.0 | 1,173.1 | 1,323.1 | |||||||||||||||||||||||||||||||||
l
EBIT
|
633.1 | (158.4 | ) | 290.8 | (158.4 | ) | (213.5 | ) | (147.0 | ) | 167.7 | 290.8 | 560.2 | 753.3 | 824.7 | |||||||||||||||||||||||||||||
l Encargos
Financeiros da Dívida Líquida
|
127.8 | 106.2 | 179.9 | 106.2 | 91.9 | 85.2 | 136.1 | 179.9 | 247.0 | 308.4 | 329.8 | |||||||||||||||||||||||||||||||||
l Net
Profit
|
357.3 | (47.8 | ) | (473.8 | ) | (47.8 | ) | (119.6 | ) | (515.5 | ) | (438.9 | ) | (473.8 | ) | (78.4 | ) | 475.6 | 637.5 | |||||||||||||||||||||||||
Liquid
Funds
|
||||||||||||||||||||||||||||||||||||||||||||
l Cash and Cash
Equivalents
|
1,217.1 | 1,010.1 | 719.4 | 1,010.1 | 633.9 | 1,276.3 | 689.7 | 719.4 | 932.9 | 1,098.2 | 864.1 | |||||||||||||||||||||||||||||||||
Short-Term
Debt
|
||||||||||||||||||||||||||||||||||||||||||||
l Loans and
Financings
|
109.0 | 69.3 | 1,442.7 | 69.3 | 62.9 | 298.6 | 1,475.3 | 1,442.7 | 1,115.9 | 1,171.6 | 886.5 | |||||||||||||||||||||||||||||||||
Long-Term
Debt
|
||||||||||||||||||||||||||||||||||||||||||||
l Loans and
Financings
|
2,324.8 | 1,562.5 | 2,312.3 | 1,562.5 | 1,474.9 | 2,101.7 | 2,327.6 | 2,312.3 | 3,508.5 | 4,086.8 | 4,278.4 | |||||||||||||||||||||||||||||||||
Total
Debt
|
2,433.8 | 1,631.8 | 3,755.0 | 1,631.8 | 1,537.7 | 2,400.3 | 3,802.9 | 3,755.0 | 4,624.4 | 5,258.3 | 5,164.9 | |||||||||||||||||||||||||||||||||
Net
Debt
|
1,216.7 | 621.7 | 3,035.6 | 621.7 | 903.8 | 1,124.0 | 3,113.3 | 3,035.6 | 3,691.5 | 4,160.2 | 4,300.8 | |||||||||||||||||||||||||||||||||
Current
Assets
|
2,224.7 | 2,272.4 | 3,074.9 | 2,272.4 | 2,140.0 | 3,453.9 | 3,409.0 | 3,074.9 | 3,602.6 | 4,107.9 | 4,212.8 | |||||||||||||||||||||||||||||||||
Current
Liabilities
|
591.7 | 566.5 | 2,325.2 | 566.5 | 693.4 | 1,212.3 | 2,358.2 | 2,325.2 | 2,369.7 | 2,629.0 | 2,345.5 | |||||||||||||||||||||||||||||||||
Shareholders'
Equity
|
1,631.0 | 3,325.8 | 3,365.7 | 3,325.8 | 3,267.7 | 3,762.8 | 3,696.6 | 3,365.7 | 4,040.7 | 4,220.5 | 4,917.0 | |||||||||||||||||||||||||||||||||
Capex
- Property, Plant and Equipment
|
684.2 | 1,053.1 | 1,346.1 | 1,053.1 | 1,147.4 | 1,324.5 | 1,485.9 | 1,346.1 | 1,501.9 | 1,546.7 | 1,515.3 | |||||||||||||||||||||||||||||||||
l Capex -
Operational
|
598.0 | 781.9 | 565.0 | 781.9 | 796.9 | 762.7 | 727.5 | 565.0 | 588.7 | 626.5 | 673.9 | |||||||||||||||||||||||||||||||||
EBITDA
Margin
|
25.8 | % | 6.7 | % | 11.5 | % | 6.7 | % | 5.7 | % | 9.2 | % | 12.6 | % | 11.5 | % | 10.9 | % | 9.7 | % | 10.0 | % | ||||||||||||||||||||||
l Gross Profit
Margin
|
31.2 | % | 12.8 | % | 12.7 | % | 12.8 | % | 11.5 | % | 14.3 | % | 14.9 | % | 12.7 | % | 12.5 | % | 12.5 | % | 12.0 | % | ||||||||||||||||||||||
l EBIT
Margin
|
17.6 | % | -5.8 | % | 4.6 | % | -5.8 | % | -7.7 | % | -5.1 | % | 3.5 | % | 4.6 | % | 6.1 | % | 6.2 | % | 6.2 | % | ||||||||||||||||||||||
l Net Profit
Margin
|
9.9 | % | -1.7 | % | -7.6 | % | -1.7 | % | -4.3 | % | -18.0 | % | -9.2 | % | -7.6 | % | -0.9 | % | 3.9 | % | 4.8 | % | ||||||||||||||||||||||
Net
Debt ÷ Shareholders' Equity
|
||||||||||||||||||||||||||||||||||||||||||||
l Net Debt
%
|
42.7 | % | 15.8 | % | 47.4 | % | 15.8 | % | 21.7 | % | 23.0 | % | 45.7 | % | 47.4 | % | 47.7 | % | 49.6 | % | 46.7 | % | ||||||||||||||||||||||
l Shareholders'
Equity %
|
57.3 | % | 84.2 | % | 52.6 | % | 84.2 | % | 78.3 | % | 77.0 | % | 54.3 | % | 52.6 | % | 52.3 | % | 50.4 | % | 53.3 | % | ||||||||||||||||||||||
Long-Term
Payable Debt to Equity Ratio
|
1.4 | x | 0.5 | x | 0.7 | x | 0.5 | x | 0.5 | x | 0.6 | x | 0.6 | x | 0.7 | x | 0.9 | x | 1.0 | x | 0.9 | x | ||||||||||||||||||||||
Liquidity
Ratio (Current Assets ÷ Current Liabilities)
|
3.8 | x | 4.0 | x | 1.3 | x | 4.0 | x | 3.1 | x | 2.8 | x | 1.4 | x | 1.3 | x | 1.5 | x | 1.6 | x | 1.8 | x | ||||||||||||||||||||||
Net
Debt ÷ EBITDA
|
1.3 | x | 3.4 | x | 4.2 | x | 3.4 | x | 5.7 | x | 4.3 | x | 5.2 | x | 4.2 | x | 3.7 | x | 3.5 | x | 3.3 | x | ||||||||||||||||||||||
l Short-Term Net
Debt ÷ EBITDA
|
0.1 | x | 0.4 | x | 2.0 | x | 0.4 | x | 0.4 | x | 1.1 | x | 2.5 | x | 2.0 | x | 1.1 | x | 1.0 | x | 0.7 | x | ||||||||||||||||||||||
Net
Debt ÷ (EBITDA - Capex)
|
4.9 | x | -0.7 | x | -4.8 | x | -0.7 | x | -0.9 | x | -1.1 | x | -3.5 | x | -4.8 | x | -7.4 | x | -11.1 | x | -22.4 | x | ||||||||||||||||||||||
l Net Debt ÷
(EBITDA - Operational Capex)
|
3.7 | x | -1.0 | x | 19.8 | x | -1.0 | x | -1.4 | x | -2.3 | x | -24.8 | x | 19.8 | x | 9.0 | x | 7.6 | x | 6.6 | x | ||||||||||||||||||||||
Interest
Cover (EBITDA ÷ Net Financial Exp.)
|
7.3 | x | 1.7 | x | 4.0 | x | 1.7 | x | 1.7 | x | 3.1 | x | 4.4 | x | 4.0 | x | 4.0 | x | 3.8 | x | 4.0 | x | ||||||||||||||||||||||
l Interest Cover
(EBITDA - Op.Capes)÷Net Fin.)
|
2.6 | x | -5.6 | x | 0.9 | x | -5.6 | x | -6.9 | x | -5.9 | x | -0.9 | x | 0.9 | x | 1.7 | x | 1.8 | x | 2.0 | x | ||||||||||||||||||||||
Avg.
Debt Cost (Net.Fin.Exp. ÷ Net Debt)
|
10.5 | % | 17.1 | % | 5.9 | % | 17.1 | % | 10.2 | % | 7.6 | % | 4.4 | % | 5.9 | % | 6.7 | % | 7.4 | % | 7.7 | % |
Income
Statement
|
Apr'07
|
Apr'08
|
Apr'09
|
Apr'08
|
Jul'08
|
Oct'08
|
Jan'09
|
Apr'09
|
Jun'09
|
Sep'09
|
Dec'09
|
|||||||||||||||||||||||||||||||||
(In millions of U.S.
dollars)
|
FY'07
|
FY'08
|
FY'09
|
4Q'08
|
1Q'09
|
2Q'09
|
3Q'09
|
4Q'09
|
1Q'10
|
2Q'10
|
3Q'10
|
|||||||||||||||||||||||||||||||||
Net
sales
|
1,679.1 | 1,491.2 | 2,926.5 | 485.3 | 394.0 | 383.8 | 1,103.4 | 1,045.3 | 1,720.3 | 1,915.7 | 2,209.5 | |||||||||||||||||||||||||||||||||
(-)
Cost of goods
sold
|
(1,191.3 | ) | (1,345.6 | ) | (2,621.9 | ) | (418.4 | ) | (398.9 | ) | (320.2 | ) | (950.3 | ) | (952.4 | ) | (1,561.4 | ) | (1,655.5 | ) | (1,965.3 | ) | ||||||||||||||||||||||
(=) Gross
profit
|
487.8 | 145.6 | 304.6 | 66.9 | (4.9 | ) | 63.6 | 153.0 | 92.8 | 158.8 | 260.1 | 244.3 | ||||||||||||||||||||||||||||||||
(-)
Selling
expenses
|
(133.8 | ) | (168.6 | ) | (213.3 | ) | (44.9 | ) | (53.0 | ) | (47.9 | ) | (67.6 | ) | (44.7 | ) | (102.1 | ) | (115.1 | ) | (128.0 | ) | ||||||||||||||||||||||
(-)
General and
administrative expenses
|
(121.1 | ) | (115.1 | ) | (140.1 | ) | (30.5 | ) | (36.3 | ) | (34.9 | ) | (42.2 | ) | (26.8 | ) | (7.9 | ) | (62.8 | ) | (106.7 | ) | ||||||||||||||||||||||
(=)
Operating
income (loss)
|
232.9 | (138.1 | ) | (48.8 | ) | (8.5 | ) | (94.2 | ) | (19.2 | ) | 43.2 | 21.4 | 48.9 | 82.3 | 9.6 | ||||||||||||||||||||||||||||
Operating margin
|
13.9% | -9.3% | -1.7% | -1.8% | -23.9% | -5.0% | 3.9% | 2.0% | 2.8% | 4.3% | 0.4% | |||||||||||||||||||||||||||||||||
(-)
Other income
(expense):
|
||||||||||||||||||||||||||||||||||||||||||||
Financial
|
289.4 | 116.8 | (370.8 | ) | 119.3 | 26.5 | (234.4 | ) | (137.2 | ) | (25.7 | ) | 215.7 | 64.1 | (80.4 | ) | ||||||||||||||||||||||||||||
Other
|
16.3 | (3.7 | ) | (2.3 | ) | (1.8 | ) | (3.5 | ) | (8.1 | ) | 6.6 | 2.7 | (7.9 | ) | 0.9 | 155.5 | |||||||||||||||||||||||||||
(=)
Income
(loss) before income taxes
|
538.5 | (25.0 | ) | (421.9 | ) | 109.0 | (71.2 | ) | (261.7 | ) | (87.3 | ) | (1.6 | ) | 256.7 | 147.3 | 84.7 | |||||||||||||||||||||||||||
(-)
Income taxes
expense (benefit)
|
(188.8 | ) | 19.8 | 144.7 | (27.9 | ) | 23.2 | 94.5 | (1.7 | ) | 28.7 | (76.5 | ) | (49.4 | ) | (52.3 | ) | |||||||||||||||||||||||||||
(=)
Income
(loss) before equity
|
349.7 | (5.2 | ) | (277.2 | ) | 81.1 | (48.0 | ) | (167.2 | ) | (89.1 | ) | 27.1 | 180.1 | 97.9 | 32.4 | ||||||||||||||||||||||||||||
(±)
Equity in
income of affiliates
|
(0.0 | ) | (0.2 | ) | 6.1 | 2.3 | 0.1 | 1.2 | 5.2 | (0.3 | ) | (1.7 | ) | 0.0 | (3.8 | ) | ||||||||||||||||||||||||||||
(±)
Minority
interest in net (income) loss
|
(173.0 | ) | 22.0 | 83.0 | (26.1 | ) | 18.6 | 52.0 | 19.3 | (6.9 | ) | (55.8 | ) | (34.0 | ) | (7.3 | ) | |||||||||||||||||||||||||||
(=)
Net
income (loss)
|
176.7 | 16.6 | (188.1 | ) | 57.3 | (29.3 | ) | (114.1 | ) | (64.6 | ) | 19.9 | 122.6 | 63.9 | 21.3 | |||||||||||||||||||||||||||||
Margin
|
10.5% | 1.1% | -6.4% | 11.8% | -7.4% | -29.7% | -5.9% | 1.9% | 7.1% | 3.3% | 1.0% | |||||||||||||||||||||||||||||||||
l
EBITDA
|
436.5 | 94.3 | 239.6 | 15.0 | 14.6 | 72.2 | 92.2 | 60.7 | 140.3 | 190.9 | 338.8 | |||||||||||||||||||||||||||||||||
Margin
|
26.0% | 6.3% | 8.2% | 3.1% | 3.7% | 18.8% | 8.4% | 5.8% | 8.2% | 10.0% | 15.3% | |||||||||||||||||||||||||||||||||
l
EBIT
|
249.2 | (141.8 | ) | (51.1 | ) | (10.3 | ) | (97.7 | ) | (27.3 | ) | 49.9 | 24.1 | 40.9 | 83.1 | 165.1 | ||||||||||||||||||||||||||||
Margin
|
14.8% | -9.5% | -1.7% | -2.1% | -24.8% | -7.1% | 4.5% | 2.3% | 2.4% | 4.3% | 7.5% | |||||||||||||||||||||||||||||||||
l
Depreciation and amortization
|
187.4 | 236.1 | 290.7 | 25.3 | 112.3 | 99.5 | 42.3 | 36.6 | 99.3 | 107.7 | 173.7 |
Balance
Sheet
|
Apr'07
|
Apr'08
|
Mar'09
|
Apr'08
|
Jul'08
|
Oct'08
|
Jan'09
|
Mar'09
|
Jun'09
|
Se´p'09
|
Dec'09
|
|||||||||||||||||||||||||||||||||
(In millions of U.S.
dollars)
|
FY'07
|
FY'08
|
FY'09
|
4Q'08
|
1Q'09
|
2Q'09
|
3Q'09
|
4Q'09
|
1Q'10
|
2Q'10
|
3Q'10
|
|||||||||||||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||||||||||||||||||||||
Current
assets:
|
||||||||||||||||||||||||||||||||||||||||||||
Cash and cash
equivalents
|
316.5 | 68.4 | 508.8 | 68.4 | 86.3 | 62.6 | 100.5 | 508.8 | 676.3 | 769.1 | 516.7 | |||||||||||||||||||||||||||||||||
Restricted
cash
|
17.7 | 47.2 | 5.1 | 47.2 | 50.7 | 0.1 | 5.1 | 5.1 | 20.5 | 84.1 | 98.8 | |||||||||||||||||||||||||||||||||
Marketable
securities
|
281.9 | 1,014.5 | - | 1,014.5 | 804.2 | 771.5 | 397.0 | - | - | - | - | |||||||||||||||||||||||||||||||||
Derivative
financial instruments
|
65.2 | 31.5 | 7.4 | 31.5 | 65.3 | 86.8 | 3.7 | 7.4 | 44.4 | 54.8 | 41.4 | |||||||||||||||||||||||||||||||||
Trade accounts
receivable, net
|
55.2 | 126.9 | 258.9 | 126.9 | 73.0 | 101.9 | 197.9 | 258.9 | 300.1 | 331.6 | 293.5 | |||||||||||||||||||||||||||||||||
Inventories
|
247.5 | 337.7 | 477.8 | 337.7 | 577.6 | 680.5 | 709.5 | 477.8 | 589.2 | 861.3 | 1,112.3 | |||||||||||||||||||||||||||||||||
Advances to
suppliers
|
104.0 | 133.7 | 89.0 | 133.7 | 160.8 | 135.5 | 103.5 | 89.0 | 200.8 | 189.4 | 138.6 | |||||||||||||||||||||||||||||||||
Deferred
income taxes
|
- | - | 114.6 | - | - | - | 25.7 | 114.6 | 153.2 | 192.8 | 176.8 | |||||||||||||||||||||||||||||||||
Other current
assets
|
51.6 | 103.2 | 66.0 | 103.2 | 99.7 | 132.6 | 158.4 | 66.0 | 69.0 | 56.1 | 54.1 | |||||||||||||||||||||||||||||||||
1,139.5 | 1,863.0 | 1,527.5 | 1,863.0 | 1,917.6 | 1,971.5 | 1,701.3 | 1,527.5 | 2,053.5 | 2,539.3 | 2,432.2 | ||||||||||||||||||||||||||||||||||
Noncurrent
assets:
|
||||||||||||||||||||||||||||||||||||||||||||
Property,
plant and equipment, net
|
1,194.1 | 2,018.1 | 2,271.8 | 2,018.1 | 2,217.3 | 1,738.6 | 1,828.8 | 2,271.8 | 3,178.1 | 3,554.3 | 3,737.0 | |||||||||||||||||||||||||||||||||
Goodwill
|
491.9 | 772.6 | 888.8 | 772.6 | 823.4 | 623.4 | 1,197.3 | 888.8 | 1,464.2 | 1,592.5 | 1,624.4 | |||||||||||||||||||||||||||||||||
Intangible
assets, net
|
94.0 | 106.1 | 230.7 | 106.1 | 111.8 | 81.8 | 73.1 | 230.7 | 240.5 | 256.9 | 255.3 | |||||||||||||||||||||||||||||||||
Accounts
Receivable from Federal Government
|
156.5 | 202.8 | 139.7 | 202.8 | 218.4 | 161.8 | 147.7 | 139.7 | 167.3 | 185.1 | 190.3 | |||||||||||||||||||||||||||||||||
Other
non-current assets
|
177.5 | 306.4 | 362.6 | 306.4 | 345.3 | 322.0 | 536.5 | 362.6 | 491.7 | 580.5 | 635.0 | |||||||||||||||||||||||||||||||||
2,113.9 | 3,406.1 | 3,893.6 | 3,406.1 | 3,716.3 | 2,927.5 | 3,783.5 | 3,893.6 | 5,541.6 | 6,169.2 | 6,442.0 | ||||||||||||||||||||||||||||||||||
(=)
Total
assets
|
3,253.4 | 5,269.1 | 5,421.1 | 5,269.1 | 5,634.0 | 4,899.0 | 5,484.7 | 5,421.1 | 7,595.1 | 8,708.6 | 8,874.2 | |||||||||||||||||||||||||||||||||
Liabilities
and shareholders' equity
|
||||||||||||||||||||||||||||||||||||||||||||
Current
liabilities:
|
||||||||||||||||||||||||||||||||||||||||||||
Trade accounts
payable
|
55.9 | 114.4 | 197.2 | 114.4 | 212.0 | 235.8 | 223.7 | 197.2 | 339.8 | 401.3 | 409.3 | |||||||||||||||||||||||||||||||||
Taxes
payable
|
57.5 | 62.9 | 69.0 | 62.9 | 67.4 | 47.4 | 66.1 | 69.0 | 92.9 | 125.1 | 115.4 | |||||||||||||||||||||||||||||||||
Salaries
payable
|
31.1 | 47.8 | 40.2 | 47.8 | 75.8 | 67.5 | 33.5 | 40.2 | 78.0 | 101.7 | 76.4 | |||||||||||||||||||||||||||||||||
Current
portion of long-term debt
|
36.1 | 38.2 | 781.7 | 38.2 | 33.2 | 134.2 | 786.7 | 781.7 | 582.9 | 673.0 | 542.9 | |||||||||||||||||||||||||||||||||
Derivative
financial instruments
|
9.8 | 55.0 | 28.9 | 55.0 | 102.1 | 112.1 | 83.3 | 28.9 | 50.7 | 121.1 | 133.8 | |||||||||||||||||||||||||||||||||
Dividends
payable
|
37.3 | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Deferred
income taxes
|
- | - | - | - | - | 10.3 | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Other
liabilities
|
46.5 | 40.8 | 47.6 | 40.8 | 29.4 | 28.5 | 30.2 | 47.6 | 87.1 | 70.7 | 111.0 | |||||||||||||||||||||||||||||||||
274.2 | 359.1 | 1,164.7 | 359.1 | 519.8 | 635.7 | 1,223.6 | 1,164.7 | 1,231.5 | 1,493.0 | 1,388.8 | ||||||||||||||||||||||||||||||||||
Long-term
liabilities:
|
||||||||||||||||||||||||||||||||||||||||||||
Long-term
debt
|
1,342.5 | 1,249.3 | 1,251.1 | 1,249.3 | 1,291.4 | 1,257.4 | 1,246.5 | 1,251.1 | 2,249.1 | 2,632.3 | 2,802.2 | |||||||||||||||||||||||||||||||||
Estimated
liability for legal proceedings
|
379.2 | 494.1 | 497.6 | 494.1 | 545.0 | 414.1 | 546.4 | 497.6 | 607.5 | 672.6 | 464.8 | |||||||||||||||||||||||||||||||||
Taxes
payable
|
106.9 | 170.4 | 151.5 | 170.4 | 181.9 | 133.4 | 187.1 | 151.5 | 184.7 | 178.3 | 220.6 | |||||||||||||||||||||||||||||||||
Advances from
customers
|
24.3 | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Deferred
income taxes
|
141.6 | 101.8 | 40.4 | 101.8 | 83.6 | - | - | 40.4 | 84.0 | 118.3 | 245.4 | |||||||||||||||||||||||||||||||||
Pension
Fund
|
- | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Other
long-term liabilities
|
47.5 | 101.7 | 175.0 | 101.7 | 103.3 | 107.7 | 181.6 | 175.0 | 213.2 | 224.6 | 219.5 | |||||||||||||||||||||||||||||||||
2,042.0 | 2,117.4 | 2,115.6 | 2,117.4 | 2,205.3 | 1,912.7 | 2,161.5 | 2,115.6 | 3,338.5 | 3,826.2 | 3,952.4 | ||||||||||||||||||||||||||||||||||
Minority
interest in consolidated subsidiaries
|
463.6 | 796.8 | 544.5 | 796.8 | 839.7 | 602.8 | 530.7 | 544.5 | 1,037.8 | 1,181.8 | 1,296.7 | |||||||||||||||||||||||||||||||||
Shareholders'
equity:
|
||||||||||||||||||||||||||||||||||||||||||||
Common
stock
|
1.0 | 2.3 | 2.7 | 2.3 | 2.3 | 2.7 | 2.7 | 2.7 | 2.7 | 2.7 | 2.7 | |||||||||||||||||||||||||||||||||
Additional
paid-in capital
|
354.0 | 1,723.1 | 1,926.7 | 1,723.1 | 1,724.6 | 1,920.9 | 1,922.0 | 1,926.7 | 1,964.7 | 1,961.8 | 1,927.3 | |||||||||||||||||||||||||||||||||
Accumulated
other comprehensive income
|
36.7 | 171.8 | (243.6 | ) | 171.8 | 273.1 | (130.9 | ) | (246.2 | ) | (243.6 | ) | (13.1 | ) | 146.1 | 188.1 | ||||||||||||||||||||||||||||
Retained
earnings (losses)
|
81.9 | 98.5 | (89.6 | ) | 98.5 | 69.2 | (44.9 | ) | (109.5 | ) | (89.6 | ) | 33.0 | 96.9 | 118.3 | |||||||||||||||||||||||||||||
Total
shareholders' equity
|
473.6 | 1,995.7 | 1,596.2 | 1,995.7 | 2,069.1 | 1,747.8 | 1,569.0 | 1,596.2 | 1,987.3 | 2,207.6 | 2,236.3 | |||||||||||||||||||||||||||||||||
(=)
Total
liabilities and shareholders' equity
|
3,253.4 | 5,269.1 | 5,421.1 | 5,269.1 | 5,634.0 | 4,899.0 | 5,484.7 | 5,421.1 | 7,595.1 | 8,708.6 | 8,874.2 | |||||||||||||||||||||||||||||||||
Cash
and cash equivalents
|
316.5 | 68.4 | 508.8 | 68.4 | 86.3 | 62.6 | 100.5 | 508.8 | 676.3 | 769.1 | 516.7 | |||||||||||||||||||||||||||||||||
Marketable
securities
|
281.9 | 1,014.5 | - | 1,014.5 | 804.2 | 771.5 | 397.0 | - | - | - | - | |||||||||||||||||||||||||||||||||
Advances
from customers
|
24.3 | 15.6 | 11.3 | 15.6 | 15.3 | 15.2 | 14.3 | 11.3 | 7.1 | 8.1 | - | |||||||||||||||||||||||||||||||||
Other
liabilities
|
22.2 | 25.2 | 36.3 | 25.2 | 14.1 | 13.3 | 15.9 | 36.3 | 80.0 | 62.6 | 111.0 |
Cash Flow
Statement
|
Apr'07
|
Apr'08
|
Mar'09
|
Apr'08
|
Jul'08
|
Oct'08
|
Jan'09
|
Mar'09
|
Jun'09
|
Sep'09
|
Dec'09
|
|||||||||||||||||||||||||||||||||
(In millions of U.S.
dollars)
|
FY'07
|
FY'08
|
FY'09
|
4Q'08
|
1Q'09
|
2Q'09
|
3Q'09
|
4Q'09
|
1Q'10
|
2Q'10
|
3Q'10
|
|||||||||||||||||||||||||||||||||
l
Cash flow from operating activities:
|
||||||||||||||||||||||||||||||||||||||||||||
Net income
(loss) for the year/quarter
|
176.7 | 16.6 | (188.1 | ) | 57.3 | (29.3 | ) | (114.1 | ) | (64.6 | ) | 19.9 | 122.6 | 63.9 | 21.3 | |||||||||||||||||||||||||||||
Adjustments to
reconcile
net income
(loss) to cash
provided by
operating activities:
|
||||||||||||||||||||||||||||||||||||||||||||
Depreciation
and amortization
|
187.4 | 236.1 | 290.7 | 25.3 | 112.3 | 99.5 | 42.3 | 36.6 | 99.3 | 107.7 | 173.7 | |||||||||||||||||||||||||||||||||
Deferred
income and social contribution taxes
|
150.2 | (52.4 | ) | (145.3 | ) | 14.0 | (31.6 | ) | (86.7 | ) | 13.9 | (40.9 | ) | 66.6 | 59.3 | 52.3 | ||||||||||||||||||||||||||||
Interest,
monetary and exchange variation
|
116.3 | (43.7 | ) | 497.3 | (2.5 | ) | (14.5 | ) | 327.5 | 2.2 | 182.1 | (136.3 | ) | (67.9 | ) | (57.8 | ) | |||||||||||||||||||||||||||
Minority
interest in net income of subsidiaries
|
173.0 | (22.0 | ) | (83.0 | ) | 26.1 | (18.6 | ) | (52.0 | ) | (19.3 | ) | 6.9 | 55.8 | 34.0 | 7.3 | ||||||||||||||||||||||||||||
Others
|
(176.8 | ) | 15.2 | 14.5 | 8.7 | 9.2 | 5.4 | (55.0 | ) | 54.9 | 12.2 | (47.8 | ) | 13.2 | ||||||||||||||||||||||||||||||
626.8 | 149.8 | 386.1 | 128.9 | 27.5 | 179.7 | (80.5 | ) | 259.5 | 220.3 | 149.3 | 210.0 | |||||||||||||||||||||||||||||||||
Decrease/increase
in operating assets and liabilities:
|
||||||||||||||||||||||||||||||||||||||||||||
Trade accounts
receivable, net
|
48.2 | (57.1 | ) | (23.7 | ) | (62.2 | ) | 63.9 | (63.7 | ) | 26.5 | (50.5 | ) | 56.5 | (8.5 | ) | 46.9 | |||||||||||||||||||||||||||
Inventories
|
(54.1 | ) | (31.7 | ) | (85.9 | ) | 253.5 | (214.0 | ) | (197.2 | ) | 96.0 | 229.3 | 88.4 | (178.6 | ) | (198.8 | ) | ||||||||||||||||||||||||||
Advances to
suppliers
|
(38.7 | ) | (8.4 | ) | 21.1 | 8.6 | (16.8 | ) | (12.1 | ) | 22.8 | 27.2 | (38.8 | ) | 7.3 | 27.0 | ||||||||||||||||||||||||||||
Trade accounts
payable
|
(43.2 | ) | 33.7 | 33.4 | (12.2 | ) | 90.1 | 54.8 | (83.8 | ) | (27.6 | ) | 24.1 | 30.3 | 0.9 | |||||||||||||||||||||||||||||
Derivative
financial instruments
|
(155.0 | ) | 90.4 | 4.4 | (79.6 | ) | 11.3 | (4.8 | ) | 56.0 | (58.1 | ) | (16.2 | ) | 57.9 | 25.5 | ||||||||||||||||||||||||||||
Taxes
payable
|
(36.6 | ) | (19.6 | ) | (17.1 | ) | (17.1 | ) | (7.9 | ) | (5.0 | ) | (1.2 | ) | (2.9 | ) | (29.3 | ) | (29.7 | ) | (0.6 | ) | ||||||||||||||||||||||
Other assets
and liabilities, net
|
(63.4 | ) | (99.4 | ) | (61.8 | ) | 23.0 | 16.2 | (126.6 | ) | 23.5 | 25.0 | 33.0 | (12.1 | ) | 11.2 | ||||||||||||||||||||||||||||
(342.8 | ) | (92.2 | ) | (129.6 | ) | 114.0 | (57.1 | ) | (354.6 | ) | 139.8 | 142.4 | 117.7 | (133.3 | ) | (88.0 | ) | |||||||||||||||||||||||||||
(=)
Net
cash provided by operating actitivities
|
284.0 | 57.6 | 256.6 | 242.9 | (29.6 | ) | (174.9 | ) | 59.2 | 401.9 | 338.0 | 16.0 | 122.0 | |||||||||||||||||||||||||||||||
l
Cash flow from investing activities:
|
||||||||||||||||||||||||||||||||||||||||||||
Restricted
cash
|
47.0 | (25.9 | ) | 29.3 | (11.1 | ) | 0.1 | 37.4 | (8.3 | ) | 0.1 | (14.5 | ) | (63.0 | ) | (14.6 | ) | |||||||||||||||||||||||||||
Marketable
securities
|
97.0 | (671.0 | ) | 558.8 | 191.8 | (202.4 | ) | (123.4 | ) | 791.6 | 93.0 | - | - | - | ||||||||||||||||||||||||||||||
Acquisition of
property, plant and equipment
|
(356.2 | ) | (642.9 | ) | (606.2 | ) | (300.8 | ) | (169.3 | ) | (143.9 | ) | (131.7 | ) | (161.2 | ) | (227.0 | ) | (211.5 | ) | (239.6 | ) | ||||||||||||||||||||||
Acquisitions,
net of cash acquired
|
(39.4 | ) | (102.0 | ) | (930.4 | ) | (100.8 | ) | 0.8 | (45.2 | ) | (671.5 | ) | (214.5 | ) | (2.1 | ) | 2.1 | (239.7 | ) | ||||||||||||||||||||||||
Other
|
- | - | 160.7 | - | - | - | (65.5 | ) | 226.2 | 92.4 | (8.8 | ) | (14.1 | ) | ||||||||||||||||||||||||||||||
(=)
Net
cash used in investing actitivities
|
(251.6 | ) | (1,441.7 | ) | (787.8 | ) | (220.8 | ) | (370.8 | ) | (275.2 | ) | (85.4 | ) | (56.4 | ) | (151.2 | ) | (281.3 | ) | (507.9 | ) | ||||||||||||||||||||||
l
Cash flow from financing activities:
|
||||||||||||||||||||||||||||||||||||||||||||
Proceeds from
issuance of common stock
|
3.2 | 1,118.4 | 200.0 | - | - | 196.2 | 0.0 | 3.8 | - | 0.7 | 303.7 | |||||||||||||||||||||||||||||||||
Capital
increase on subsidiary from minority interest
|
- | 324.4 | 11.2 | 11.7 | - | - | - | 11.2 | (62.2 | ) | (0.3 | ) | (1.3 | ) | ||||||||||||||||||||||||||||||
Dividends
Paid
|
- | (44.9 | ) | - | (44.9 | ) | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Additions of
financial debt
|
424.6 | 117.5 | 789.5 | 117.5 | - | 174.5 | 630.4 | (15.4 | ) | 88.6 | 596.8 | 996.1 | ||||||||||||||||||||||||||||||||
Payments of
financial debt
|
(205.0 | ) | (492.1 | ) | (111.1 | ) | (171.2 | ) | (39.8 | ) | (26.2 | ) | (37.1 | ) | (8.0 | ) | (69.2 | ) | (351.4 | ) | (1,064.4 | ) | ||||||||||||||||||||||
Other
|
- | - | (17.8 | ) | - | - | - | - | (17.8 | ) | - | - | - | |||||||||||||||||||||||||||||||
(=)
Net
cash provided by financing actitivities
|
222.8 | 1,023.3 | 871.9 | (86.9 | ) | (39.8 | ) | 344.6 | 593.4 | (26.2 | ) | (42.8 | ) | 245.8 | 234.0 | |||||||||||||||||||||||||||||
Effect of
exchange rate changes on cash and cash equivalents
|
32.1 | 112.6 | 99.7 | 49.8 | 458.1 | 81.8 | (529.2 | ) | 89.0 | 23.5 | 112.4 | 11.6 | ||||||||||||||||||||||||||||||||
(=)
Variation
in cash & equivalents
|
287.3 | (248.2 | ) | 440.4 | (15.0 | ) | 17.9 | (23.7 | ) | 37.9 | 408.3 | 167.5 | 92.9 | (140.3 | ) | |||||||||||||||||||||||||||||
(+)
Cash and cash
equivalents at beginning of year
|
29.2 | 316.5 | 68.4 | 83.4 | 68.4 | 86.3 | 62.6 | 100.5 | 508.8 | 676.3 | 769.1 | |||||||||||||||||||||||||||||||||
(=)
Cash
and cash equivalents at end of year
|
316.5 | 68.4 | 508.8 | 68.4 | 86.3 | 62.6 | 100.5 | 508.8 | 676.3 | 769.1 | 628.9 |
Report of
independent registered public accounting firm
|
1
|
Condensed
consolidated balance sheets
|
2
|
Condensed
consolidated statements of operations
|
4
|
Condensed
consolidated statements of shareholders’ equity and comprehensive income
(loss)
|
5
|
Condensed
consolidated statements of cash flows
|
6
|
Notes to the
condensed consolidated financial statements
|
7
|
São Paulo,
Brazil
|
ERNST &
YOUNG
|
January 31,
2010
|
Auditores
Independentes S.S.
|
CRC2SP015199/O-8
|
|
Luiz Carlos
Nannini
|
|
Accountant
CRC 1SP171638/O-7
|
(Unaudited)
December 31,
2009
|
March 31,
2009
|
|||||||
Assets
|
||||||||
Current
assets:
|
||||||||
Cash and cash
equivalents
|
516,709 | 508,784 | ||||||
Restricted
cash
|
98,811 | 5,078 | ||||||
Derivative
financial instruments
|
41,359 | 7,352 | ||||||
Trade accounts receivable, less
allowances: December 31, 2009 – $32,508; March 31, 2009 –
$21,241
|
293,533 | 258,863 | ||||||
Inventories
|
1,112,331 | 477,792 | ||||||
Advances to
suppliers
|
138,550 | 88,991 | ||||||
Recoverable
taxes
|
176,778 | 114,641 | ||||||
Other current
assets
|
54,127 | 65,956 | ||||||
2,432,198 | 1,527,457 | |||||||
Property, plant, and equipment,
net
|
3,736,977 | 2,271,828 | ||||||
Goodwill
|
1,624,431 | 888,793 | ||||||
Intangible assets,
net
|
255,283 | 230,741 | ||||||
Accounts receivable from Federal
Government
|
190,343 | 139,700 | ||||||
Judicial
deposits
|
104,527 | 73,975 | ||||||
Other non-current
assets
|
530,473 | 288,608 | ||||||
6,442,034 | 3,893,645 | |||||||
Total
assets
|
8,874,232 | 5,421,102 |
(Unaudited)
December 31,
2009
|
March 31,
2009
|
|||||||
Liabilities and shareholders’
equity
|
||||||||
Current
liabilities:
|
||||||||
Trade accounts
payable
|
409,314 | 197,220 | ||||||
Taxes
payable
|
115,426 | 69,042 | ||||||
Salaries
payable
|
76,367 | 40,237 | ||||||
Current portion of long-term
debt
|
542,867 | 781,664 | ||||||
Derivative financial
instruments
|
133,750 | 28,894 | ||||||
Other
liabilities
|
111,045 | 47,641 | ||||||
1,388,769 | 1,164,698 | |||||||
Long-term
liabilities:
|
||||||||
Long-term
debt
|
2,802,154 | 1,251,095 | ||||||
Estimated liability for legal
proceedings and labor claims
|
464,818 | 497,648 | ||||||
Taxes
payable
|
220,553 | 151,476 | ||||||
Deferred income
taxes
|
245,400 | 40,377 | ||||||
Other long-term
liabilities
|
219,517 | 175,043 | ||||||
3,952,442 | 2,115,639 | |||||||
Shareholders’
equity:
|
||||||||
Common shares class A1, $.01 par
value. 1,000,000,000 shares authorized; 174,355,341 shares
issued and outstanding
|
1,743 | 1,743 | ||||||
Common shares class B1, $.01 par
value. 96,332,044 shares authorized, issued and
outstanding
|
963 | 963 | ||||||
Common shares class B2, $.01 par
value. 92,554,316 shares authorized
|
- | - | ||||||
Additional paid-in
capital
|
1,927,288 | 1,926,733 | ||||||
Accumulated other comprehensive
income (loss)
|
188,071 | (243,607 | ) | |||||
Retained earnings (accumulated
losses)
|
118,265 | (89,595 | ) | |||||
Equity attributable to
shareholders of Cosan Ltd
|
2,236,330 | 1,596,237 | ||||||
Equity attributable to
noncontrolling interests
|
1,296,691 | 544,528 | ||||||
Total shareholders’
equity
|
3,533,021 | 2,140,765 | ||||||
Total liabilities and
shareholders’ equity
|
8,874,232 | 5,421,102 |
December
31,
2009
|
January
31, 2009
|
|||||||
Net sales
|
5,845,469 | 1,881,184 | ||||||
Cost of goods
sold
|
(5,182,198 | ) | (1,669,419 | ) | ||||
Gross
profit
|
663,271 | 211,765 | ||||||
Selling
expenses
|
(345,159 | ) | (168,561 | ) | ||||
General and administrative
expenses
|
(177,394 | ) | (113,389 | ) | ||||
Operating income
(loss)
|
140,718 | (70,185 | ) | |||||
Other income
(expenses):
|
||||||||
Financial
income
|
102,266 | 276,433 | ||||||
Financial
expenses
|
97,231 | (621,535 | ) | |||||
Gain on tax recovery
program
|
121,554 | - | ||||||
Other
|
26,878 | (4,978 | ) | |||||
Income (loss) before income taxes
and equity in income (loss) of affiliates
|
488,647 | (420,265 | ) | |||||
Income taxes (expense)
benefit
|
(178,298 | ) | 115,964 | |||||
Income (loss) before equity in
income of affiliates
|
310,349 | (304,301 | ) | |||||
Equity income (loss) of
affiliates
|
(5,464 | ) | 6,400 | |||||
Net income
(loss)
|
304,885 | (297,901 | ) | |||||
Less net loss (income)
attributable to noncontrolling interests
|
(97,025 | ) | 89,882 | |||||
Net income (loss) attributable to
Cosan Ltd
|
207,860 | (208,019 | ) | |||||
Per-share amounts attributable to
Cosan Ltd
|
||||||||
Earnings (loss) from continuing
operations
|
||||||||
Basic and
diluted
|
0.77 | (0.86 | ) | |||||
Weighted number of shares
outstanding
|
||||||||
Basic and
diluted
|
270,687,385 | 241,758,037 |
Common
stock
|
||||||||||||||||||||||||||||||||||||
Common number of class
A
shares
|
Common number of class B
shares
|
Common amount of class A
shares
|
Common amount of class B
shares
|
Additional
paid-in
capital
|
Retained
earnings
(accumulated
loss)
|
Accumulated other comprehensive
income (loss)
|
Noncontrolling
interests
|
Total
|
||||||||||||||||||||||||||||
Balances at March 31.
2009
|
174,355,341 | 96,332,044 | 1,743 | 963 | 1,926,733 | (89,595 | ) | (243,607 | ) | 544,528 | 2,140,765 | |||||||||||||||||||||||||
Acquisition of
Teaçu
|
- | - | - | - | 41,340 | - | - | 86,954 | 128,294 | |||||||||||||||||||||||||||
Issuance of subsidiary shares to
non controlling interest
|
- | - | - | - | 9,840 | - | (1,735 | ) | 246,123 | 254,228 | ||||||||||||||||||||||||||
Acquisition of non-controlling
interest in subsidiary
|
- | - | - | - | (14,324 | ) | - | - | (9,273 | ) | (23,597 | ) | ||||||||||||||||||||||||
Sale of warrants in
subsidiary
|
- | - | - | - | (4,594 | ) | - | - | 4,594 | - | ||||||||||||||||||||||||||
Exercise of stock options in
subsidiary
|
- | - | - | - | (2,572 | ) | - | - | 5,854 | 3,282 | ||||||||||||||||||||||||||
Exercise of common stock warrants
in subsidiary
|
- | - | - | - | (31,040 | ) | - | - | 62,232 | 31,192 | ||||||||||||||||||||||||||
Acquisition of
TEAS
|
- | - | - | - | - | - | - | 9,075 | 9,075 | |||||||||||||||||||||||||||
Stock
compensation
|
- | - | - | - | 1,905 | - | - | 1,139 | 3,044 | |||||||||||||||||||||||||||
Net income
|
- | - | - | - | - | 207,860 | - | 97,025 | 304,885 | |||||||||||||||||||||||||||
Pension
plan
|
- | - | - | - | - | - | (82 | ) | (49 | ) | (131 | ) | ||||||||||||||||||||||||
Unrealized gain on
available-for-sale securities
|
- | - | - | - | - | - | 5,450 | - | 5,450 | |||||||||||||||||||||||||||
Currency translation
adjustment
|
- | - | - | - | - | - | 428,045 | 248,489 | 676,534 | |||||||||||||||||||||||||||
Total comprehensive
loss
|
989,782 | |||||||||||||||||||||||||||||||||||
Balances at September 30.
2009
|
174,355,341 | 96,332,044 | 1,743 | 963 | 1,927,288 | 118,265 | 188,071 | 1,296,691 | 3,533,021 |
December
31,
2009
|
January
31, 2009
|
|||||||
Cash flow from operating
activities:
|
||||||||
Net income (loss) attributable to
Cosan Limited
|
207,860 | (208,019 | ) | |||||
Adjustments to reconcile net
income to cash provided by operating activities:
|
||||||||
Depreciation and
amortization
|
380,791 | 254,145 | ||||||
Deferred income and social
contribution taxes
|
178,298 | (104,394 | ) | |||||
Interest, monetary and exchange
variation
|
(262,024 | ) | 315,225 | |||||
Gain on tax recovery
program
|
(112,162 | ) | - | |||||
Net loss (income) attributable to
noncontrolling interests
|
97,025 | (89,882 | ) | |||||
Others
|
(28,558 | ) | (40,415 | ) | ||||
Decrease/increase in operating
assets and liabilities
|
||||||||
Trade accounts receivable,
net
|
94,947 | 26,789 | ||||||
Inventories
|
(288,984 | ) | (315,188 | ) | ||||
Advances to
suppliers
|
(4,520 | ) | (6,087 | ) | ||||
Trade accounts
payable
|
55,264 | 61,033 | ||||||
Derivative financial
instruments
|
67,138 | 62,483 | ||||||
Taxes
payable
|
(59,581 | ) | (14,173 | ) | ||||
Taxes
recoverable
|
(5,111 | ) | - | |||||
Other
assets and liabilities, net
|
37,227 | (86,819 | ) | |||||
Net cash used in operating
activities
|
357,610 | (145,302 | ) | |||||
Cash flows from investing
activities:
|
||||||||
Restricted
cash
|
(92,059 | ) | 29,245 | |||||
Marketable
securities
|
- | 465,735 | ||||||
Acquisitions, net of cash
acquired
|
(239,659 | ) | (715,948 | ) | ||||
Acquisition of property, plant and
equipment
|
(678,093 | ) | (444,959 | ) | ||||
Other
|
69,472 | 65,463 | ||||||
Net cash used in investing
activities
|
(940,339 | ) | (731,390 | ) | ||||
Cash flows from financing
activities:
|
||||||||
Related
parties
|
(63,858 | ) | - | |||||
Proceeds from issuance of common
stock
|
304,426 | 196,224 | ||||||
Additions of long-term
debts
|
1,681,429 | 804,927 | ||||||
Payments of long-term
debts
|
(1,485,016 | ) | (103,083 | ) | ||||
Net cash provided by financing
activities
|
436,981 | 898,068 | ||||||
Effect of exchange rate changes on
cash and cash equivalents
|
153,673 | 10,749 | ||||||
Net increase in cash
and cash equivalents
|
7,925 | 32,125 | ||||||
Cash and cash equivalents at
beginning of year
|
508,784 | 68,377 | ||||||
Cash and cash equivalents at end
of year
|
516,709 | 100,502 | ||||||
Supplemental cash flow
information
|
||||||||
Cash paid during the year
for:
|
||||||||
Interest
|
146,042 | 70,897 | ||||||
Income tax
|
2,189 | - |
1.
|
Operations
|
1.
|
Operations
(Continued)
|
1.
|
Operations
(Continued)
|
2.
|
Presentation
of the consolidated financial
statements
|
2.
|
Presentation of the
consolidated financial statements
(Continued)
|
2.
|
Presentation of the
consolidated financial statements
(Continued)
|
2.
|
Presentation of the
consolidated financial statements
(Continued)
|
3.
|
Acquisitions
|
Cash
|
52,985 | |||
Common stock
at estimated fair value
|
97,516 | |||
Total
|
150,501 |
3.
|
Acquisitions
(Continued)
|
Description
|
||||
Property,
plant and equipment
|
40,224 | |||
Inventories
|
973 | |||
Other
assets
|
29,012 | |||
Long-term
debt including current installments
|
(18,780 | ) | ||
Trade
accounts payable
|
(361 | ) | ||
Estimated
liability for legal proceedings and labor claims
|
(976 | ) | ||
Other
liabilities
|
(1,922 | ) | ||
Net assets
acquired
|
48,170 | |||
Provisional
purchase price, net of cash acquired
|
150,222 | |||
Goodwill
|
102,052 |
Revenue
|
Earnings
(loss)
|
|||||||
Actual from
April 9, 2009 – December 31, 2009 (*)
|
29,067 | 3,315 | ||||||
Supplemental
pro forma from May 1, 2008 – January 31, 2009
|
1,902,726 | (296,895 | ) |
3.
|
Acquisitions
(Continued)
|
Description
|
||||
Property,
plant and equipment
|
370,651 | |||
Noncontrolling
interest in Novo Rumo
|
62,476 | |||
Inventories
|
63,572 | |||
Account
receivables
|
62,377 | |||
Other
assets
|
251,267 | |||
Long-term
debt including current installments
|
(606,118 | ) | ||
Trade
accounts payable
|
(81,563 | ) | ||
Related
parties
|
(16,591 | ) | ||
Estimated
liability for legal proceedings and labor claims
|
(7,009 | ) | ||
Taxes and
contributions payable
|
(28,821 | ) | ||
Other
liabilities
|
(66,155 | ) | ||
Net assets
acquired
|
4,086 | |||
Purchase
price, net of cash acquired
|
294,605 | |||
Goodwill
|
290,519 |
3.
|
Acquisitions
(Continued)
|
Revenue
|
Earnings
|
|||||||
Actual from
June 18, 2009 – December 31, 2009
|
407,364 | 25,208 | ||||||
Supplemental
pro forma from April 1, 2009 – December 31, 2009
|
5,938,413 | 202,657 | ||||||
Supplemental
pro forma from May 1, 2008 – January 31, 2009
|
2,382,518 | (225,201 | ) |
Cash
|
11,574 | |||
Acquisition
date fair value of initial 40% investment (*)
|
11,226 | |||
Total
|
22,800 |
3.
|
Acquisitions
(Continued)
|
Description
|
||||
Property,
plant and equipment
|
12,089 | |||
Other
assets
|
489 | |||
Trade
accounts payable
|
(74 | ) | ||
Other
liabilities
|
(206 | ) | ||
Fair value of
non-controlling interest (*)
|
(3,574 | ) | ||
Net assets
acquired
|
8,724 | |||
Provisional
purchase price, net of cash acquired
|
12,917 | |||
Goodwill
|
4,193 |
Revenue
|
Earnings
|
|||||||
Actual from
November 24, 2009 – December 31, 2009
|
100 | 18 | ||||||
Supplemental
pro forma from April 1, 2009 – December 31, 2009
|
5,848,212 | 208,045 | ||||||
Supplemental
pro forma from May 1, 2008 – January 31, 2009
|
1,883,948 | (207,807 | ) |
3.
|
Acquisitions
(Continued)
|
4.
|
Derivative financial
instruments
|
Notional
amounts
|
Carrying
value asset (liability)
|
|||||||||||||||
December
31, 2009
|
March 31,
2009
|
December
31, 2009
|
March 31,
2009
|
|||||||||||||
Commodities
derivatives
|
||||||||||||||||
Future
contracts:
|
||||||||||||||||
Purchase
commitments - sugar
|
66,214 | 61 | 1,939 | (4 | ) | |||||||||||
Purchase
commitments - oil
|
43,692 | - | 2,228 | - | ||||||||||||
Sell
commitments
|
375,602 | 182,943 | (42,948 | ) | 4,163 | |||||||||||
Swap
agreements
|
56,594 | - | 3,630 | - | ||||||||||||
Options:
|
||||||||||||||||
Purchased
|
186,599 | - | 5,319 | - | ||||||||||||
Written
|
416,111 | 64,366 | (90,670 | ) | (2,906 | ) | ||||||||||
Foreign
exchange derivatives
|
||||||||||||||||
Forward
contracts:
|
||||||||||||||||
Sale
commitments
|
298,435 | 184,653 | (132 | ) | (23,035 | ) | ||||||||||
Swap
agreements
|
||||||||||||||||
Swap
agreements – Senior notes 2009
|
- | 246,501 | (2,949 | ) | ||||||||||||
Swap
agreements – Interest Libor
|
99,317 | - | 552 | - | ||||||||||||
Future
contracts
|
||||||||||||||||
Sale
commitments
|
331,048 | 372,230 | 17,698 | 3,189 | ||||||||||||
Options
|
||||||||||||||||
Purchased
|
559,673 | - | 9,993 | - | ||||||||||||
Total
assets
|
41,359 | 7,352 | ||||||||||||||
Total
liabilities
|
(133,750 | ) | (28,894 | ) |
4.
|
Derivative
financial instruments
(Continued)
|
5.
|
Inventories
|
December
31, 2009
|
March
31,
2009
|
|||||||
Finished
goods:
|
||||||||
Sugar
|
354,827 | 47,195 | ||||||
Ethanol
|
323,600 | 86,809 | ||||||
Lubricants
|
43,725 | 38,852 | ||||||
Fuel
(Gasoline, Diesel and Ethanol)
|
124,100 | 74,582 | ||||||
Others
|
4,744 | 6,674 | ||||||
850,996 | 254,112 | |||||||
Annual
maintenance cost of growing crops
|
179,849 | 167,576 | ||||||
Others
|
81,486 | 56,104 | ||||||
1,112,331 | 477,792 |
6.
|
Taxes
|
December
31, 2009
|
March
31,
2009
|
|||||||
Tax Recovery
Program – Federal REFIS
|
- | 69,516 | ||||||
Special Tax
Payment Program – PAES
|
250 | 28,912 | ||||||
Tax Recovery from Brazilian Law No
11.941/09 and MP 470/09
|
180,722 | - | ||||||
Income Tax
and Social Contribution
|
90,472 | 71,747 | ||||||
Others
|
64,535 | 50,343 | ||||||
335,979 | 220,518 | |||||||
Current
liabilities
|
(115,426 | ) | (69,042 | ) | ||||
Long-term
liabilities
|
220,553 | 151,476 |
6.
|
Taxes
(Continued)
|
Taxes payable
and recorded contingencies
|
423,753 | |||
Gain on tax
recovery programs
|
(121,554 | ) | ||
Tax loss
carryfowards
|
(117,105 | ) | ||
Installments
paid
|
(6,425 | ) | ||
Interest
|
2,053 | |||
Payable as of
December 31, 2009
|
180,722 |
Balance at
March 31, 2009
|
53,995 | |||
Accrued
interest on unrecognized tax benefit
|
1,933 | |||
Effect of
foreign currency translation
|
17,800 | |||
Settlements
|
(37 | ) | ||
Balance at
December 31, 2009
|
73,691 |
7.
|
Long-term
debt
|
Index
|
Average annual interest
rate
|
December 31,
2009
|
March 31,
2009
|
||||||||||
Resolution No. 2471
(PESA)
|
IGP-M
|
4.0 | % | 293,097 | 215,572 | ||||||||
Resolution No.
2471
|
Corn price
|
12.50 | % | 72 | 59 | ||||||||
Senior notes due
2009
|
US Dollar
|
9.0 | % | - | 37,386 | ||||||||
Senior notes due
2014
|
US Dollar
|
9,5 | % | 363,115 | - | ||||||||
Senior notes due
2017
|
US Dollar
|
7.0 | % | 412,289 | 405,389 | ||||||||
IFC
|
US Dollar
|
7.4 | % | 52,213 | 49,362 | ||||||||
Perpetual
notes
|
US Dollar
|
8.3 | % | 455,973 | 456,463 | ||||||||
BNDES
|
TJLP
|
2.6 | % | 485,167 | 99,561 | ||||||||
Floating rate
notes
|
Libor
|
2.8 | % | - | 151,207 | ||||||||
Promissory
notes
|
DI
|
3.00 | % | - | 501,888 | ||||||||
Export credit
notes
|
DI
|
3.90 | % | 293,189 | - | ||||||||
Credit
Notes
|
DI
|
5.60 | % | 69,527 | - | ||||||||
Export credit
notes
|
US Dollar
|
2.00 | % | 551,359 | - | ||||||||
Others
|
Various
|
Various
|
369,020 | 115,872 | |||||||||
3,345,021 | 2,032,759 | ||||||||||||
Current
liability
|
(542,867 | ) | (781,664 | ) | |||||||||
Long-term
debt
|
2,802,154 | 1,251,095 |
2011
|
337,669 | |||
2012
|
444,400 | |||
2013
|
123,434 | |||
2014
|
110,394 | |||
2015
|
50,166 | |||
2016
|
48,789 | |||
2017
|
446,570 | |||
2018 and
thereafter
|
1,240,732 | |||
2,802,154 |
7.
|
Long-term debt
(Continued)
|
7.
|
Long-term debt
(Continued)
|
8.
|
Related
parties
|
Assets
|
||||||||
December
31, 2009
|
March
31, 2009
|
|||||||
Cosan
Alimentos
|
- | 13,123 | ||||||
Rezende
Barbosa S.A. Administração e Participações
|
90,296 | - | ||||||
Vertical UK
LLP
|
2,152 | 11,597 | ||||||
Others
|
7,773 | - | ||||||
100,221 | 24,720 | |||||||
Current
(*)
|
(14,151 | ) | (24,720 | ) | ||||
Noncurrent
(*)
|
86,070 | - |
Liabilities
|
||||||||
December
31, 2009
|
March
31, 2009
|
|||||||
Nova América
S.A. Agrícola
|
14,541 | - | ||||||
Logispot
Armazéns Gerais S.A.
|
8,610 | - | ||||||
Others
|
5,827 | - | ||||||
28,978 | - | |||||||
Current
(*)
|
(28,978 | ) | - | |||||
Noncurrent
|
- | - |
December
31, 2009
|
January
31,
2009
|
|||||||
Transactions
involving assets
|
||||||||
Cash received
due to the sale of finished products and assets and services held, net of
payments
|
(109,642 | ) | (263,734 | ) | ||||
Sale of
finished products and services in a affiliated company
|
98,320 | 109,423 | ||||||
Sale of
Buildings
|
- | 16,685 | ||||||
Sale of
Interest in subsidiaries
|
- | 147,709 | ||||||
Added through
acquisition
|
73,338 | - | ||||||
Transactions
involving liabilities
|
||||||||
Payment of
financial resources, net of funding
|
27,560 | (3,036 | ) | |||||
Cash received
(payment) to Cosan Limited
|
(170,457 | ) | 213,179 | |||||
Financial
income (expense)
|
(41,573 | ) | 285 |
8.
|
Related parties
(Continued)
|
9.
|
Estimated liability for legal
proceedings and labor claims and
commitments
|
December
31,
2009
|
March
31, 2009
|
|||||||
Tax
contingencies
|
374,656 | 430,342 | ||||||
Civil and
labor contingencies
|
90,162 | 67,306 | ||||||
464,818 | 497,648 |
9.
|
Estimated
liability for legal proceedings and labor claims and commitments
(Continued)
|
December
31, 2009
|
March
31, 2009
|
|||||||
Credit
premium – IPI
|
- | 116,256 | ||||||
PIS and
Cofins
|
79,413 | 62,556 | ||||||
IPI
credits
|
2,907 | 40,049 | ||||||
Contribution
to IAA
|
44,833 | 36,672 | ||||||
IPI – Federal
VAT
|
54,750 | 23,626 | ||||||
ICMS
credits
|
33,243 | 19,966 | ||||||
Compensation
with Finsocial
|
98,091 | 70,693 | ||||||
Other
|
61,419 | 60,524 | ||||||
374,656 | 430,342 |
9.
|
Estimated
liability for legal proceedings and labor claims and commitments
(Continued)
|
December
31,
2009
|
March
31,
2009
|
|||||||
Withholding
Income Tax
|
95,055 | 69,730 | ||||||
ICMS – State
VAT
|
135,302 | 77,052 | ||||||
IAA - Sugar
and Ethanol Institute
|
42,565 | 31,610 | ||||||
IPI - Federal
Value-added tax
|
174,389 | 100,722 | ||||||
INSS
|
1,247 | 795 | ||||||
PIS and
COFINS
|
33,130 | 15,529 | ||||||
Civil and
labor
|
136,233 | 94,599 | ||||||
Other
|
49,009 | 34,851 | ||||||
666,930 | 424,888 |
10.
|
Shareholders’
equity
|
Shareholder
|
Class A1
shares
|
%
|
Class B1
shares
|
%
|
||||||||||||
Queluz Holding
Limited
|
11,111,111 | 6.37 | 66,321,766 | 68.85 | ||||||||||||
Usina Costa Pinto S.A. Açúcar e
Álcool
|
- | - | 30,010,278 | 31.15 | ||||||||||||
Aguassanta Participaçơes S.A.
|
5,000,000 | 2.87 | - | - | ||||||||||||
Gávea Funds
|
33,333,333 | 19.12 | - | - | ||||||||||||
Others
|
124,910,897 | 71.64 | - | - | ||||||||||||
Total
|
174,355,341 | 100.00 | 96,332,044 | 100.0 |
10.
|
Shareholders’ equity
(Continued)
|
11.
|
Deferred gain on sale of
investments in subsidiaries
|
12.
|
Share-based
compensation
|
12.
|
Share-based compensation
(Continued)
|
Options
granted on September 22, 2005
|
Options
granted on September 11, 2007
|
|||||||
Grant price - in U.S.
dollars
|
3.51 | 3.51 | ||||||
Expected life (in
years)
|
7.5 | 7.5 | ||||||
Interest
rate
|
14.52 | % | 9.34 | % | ||||
Volatility
|
34.00 | % | 46.45 | % | ||||
Dividend
yield
|
1.25 | % | 1.47 | % | ||||
Weighted-average fair value at
grant date - in U.S. dollars
|
7.09 | 10.45 |
12.
|
Share-based compensation
(Continued)
|
13.
|
Fair value
measurements
|
13.
|
Fair value
measurements (Continued)
|
Level 1
|
Level 2
|
Total
|
||||||||||
Assets
|
||||||||||||
Derivatives
|
5,319 | 36,040 | 41,359 | |||||||||
Total
|
5,319 | 36,040 | 41,359 | |||||||||
Liabilities
|
||||||||||||
Derivatives
|
90,669 | 43,081 | 133,750 | |||||||||
Total
|
90,669 | 43,081 | 133,750 |
14.
|
Segment
information
|
14.
|
Segment
information
(Continued)
|
14.
|
Segment
information
(Continued)
|
December
31,
2009
|
January
31, 2009
|
|||||||
Net sales —
Brazilian GAAP
|
||||||||
Sugar
|
1,154,354 | 624,617 | ||||||
Ethanol
|
591,640 | 402,199 | ||||||
Fuel
distribution
|
3,913,405 | 749,011 | ||||||
Others
|
182,365 | 104,341 | ||||||
Total
|
5,841,764 | 1,880,168 | ||||||
Reconciling
items to U.S. GAAP
|
||||||||
Sugar
|
4,113 | 777 | ||||||
Fuel
distribution
|
(408 | ) | 239 | |||||
Total
|
3,705 | 1,016 | ||||||
Total net
sales
|
5,845,469 | 1,881,184 |
14.
|
Segment
information
(Continued)
|
December
31,
2009
|
January
31, 2009
|
|||||||
Segment
operating income (loss) - Brazilian GAAP
|
||||||||
Sugar
|
75,794 | 5,970 | ||||||
Ethanol
|
28,735 | 3,844 | ||||||
Fuel
distribution
|
80,951 | (5,565 | ) | |||||
Others
|
8,762 | 681 | ||||||
Operating
income (loss) — Brazilian GAAP
|
194,242 | 4,930 | ||||||
Reconciling
items to U.S. GAAP
|
||||||||
Depreciation
and amortization expenses
|
||||||||
Sugar
|
(32,619 | ) | (29,125 | ) | ||||
Ethanol
|
(18,667 | ) | (18,754 | ) | ||||
Fuel
distribution
|
(2,702 | ) | - | |||||
Others
|
(5,525 | ) | (3,998 | ) | ||||
(59,513 | ) | (51,877 | ) | |||||
Other
adjustments
|
||||||||
Sugar
|
5,024 | (13,068 | ) | |||||
Ethanol
|
2,667 | (8,415 | ) | |||||
Fuel
distribution
|
(2,415 | ) | 38 | |||||
Others
|
713 | (1,793 | ) | |||||
5,989 | (23,238 | ) | ||||||
Total
sugar
|
48,199 | (36,223 | ) | |||||
Total
ethanol
|
12,735 | (23,325 | ) | |||||
Fuel
distribution
|
75,834 | (5,527 | ) | |||||
Total
others
|
3,950 | (5,110 | ) | |||||
Operating
income (loss) — U.S. GAAP
|
140,718 | (70,185 | ) |
14.
|
Segment
information
(Continued)
|
Market
|
Customer
|
December
31, 2009
|
January
31,
2009
|
|||||||
International
|
Sucres et
Denrées
|
21 | % | 15.2 | % | |||||
Ceval
Internacional Limited
|
9 | % | - | |||||||
Cargill
Incorporation Ltd.
|
5 | % | - | |||||||
Cargill
International S.A.
|
4 | % | 6.4 | % | ||||||
Coimex
Trading Ltd
|
8 | % | 5.8 | % | ||||||
Ableman
Trading Limited
|
4 | % | 5.5 | % | ||||||
Fluxo – Cane
Overseas Ltd
|
1 | % | 24.2 | % | ||||||
Tate &
Lyle International
|
1 | % | 8.7 | % |
Market
|
Customer
|
December
31, 2009
|
January
31,
2009
|
|||||||
International
|
Vertical UK
LLP
|
10 | % | 16.6 | % | |||||
Kolmar
Petrochemicals
|
5 | % | - | |||||||
Morgan
Stanley Capital Group Inc.
|
5 | % | 3.5 | % | ||||||
Alcotra
S.A.
|
3 | % | 1.1 | % | ||||||
Sekab
Biofuels & Chemicals
|
2 | % | 6.3 | % | ||||||
Vitol
Inc.
|
- | 2.2 | % | |||||||
Bauche Energy
SA - Buyer
|
4 | % | 2.2 | % | ||||||
Bauche Energy
Br Com Imp Exp Ltda.
|
- | 1.9 | % | |||||||
Astra Oil
Company LLC
|
4 | % | - | |||||||
Domestic
|
Shell Brasil
Ltda.
|
18 | % | 18.2 | % | |||||
Petrobrás
Distribuidora S.A.
|
12 | % | 7.4 | % | ||||||
Cia
Brasileira de Petróleo Ipiranga
|
9 | % | 5.4 | % | ||||||
Euro Petróleo
do Brasil Ltda.
|
6 | % | 12.5 | % | ||||||
Alesat
Combustíveis S.A.
|
5 | % | 3.2 | % | ||||||
Chevron
Brasil Ltda.
|
1 | % | 3.2 | % | ||||||
Cia Nacional
de Alcool
|
3 | % | - |
14.
|
Segment
information
(Continued)
|
Market
|
Customer
|
December 31,
2009
|
January 31,
2009
|
|||||||
Domestic
|
Mime
Distribuidora de Petróleo Ltda.
|
2 | % | 1.5 | % | |||||
Tam Linhas
Aéreas S.A.
|
1 | % | 3.6 | % | ||||||
All – América
Latina Logística Malha Sul S.A.
|
1 | % | - | |||||||
Auto Posto
Túlio Ltda.
|
1 | % | 1.2 | % | ||||||
Posto Iccar Ltda.
|
1 | % | 1.2 | % | ||||||
Iberia
L.A.E.
|
- | 1.1 | % |
15.
|
Subsequent
events
|
Report of
independent registered public accounting firm
|
1
|
|
|
Condensed
consolidated balance sheets
|
2
|
Condensed
consolidated statements of operations
|
4
|
Condensed
consolidated statements of shareholders’ equity and
comprehensive
|
|
income
(loss)
|
5
|
Condensed
consolidated statements of cash flows
|
6
|
Notes to the
condensed consolidated financial statements
|
7
|
São Paulo,
Brazil
|
ERNST &
YOUNG
|
|
January 31,
2010
|
Auditores
Independentes S.S.
|
|
CRC2SP015199/O-8
|
||
Luiz Carlos
Nannini
|
||
Accountant
CRC 1SP171638/O-7
|
(Unaudited)
December
31,
|
March 31,
|
|||||||
2009
|
2009
|
|||||||
Assets
|
||||||||
Current
assets:
|
||||||||
Cash and cash
equivalents
|
496,254 | 310,710 | ||||||
Restricted
cash
|
98,811 | 5,078 | ||||||
Derivative
financial instruments
|
41,359 | 7,352 | ||||||
Trade
accounts receivable, less allowances: December 31, 2009 – $32,508; March
31, 2009 – $21,241
|
293,533 | 258,863 | ||||||
Inventories
|
1,112,331 | 477,793 | ||||||
Advances to
suppliers
|
138,550 | 88,991 | ||||||
Recoverable
taxes
|
176,778 | 114,641 | ||||||
Other current
assets
|
54,025 | 62,145 | ||||||
2,411,641 | 1,325,573 | |||||||
Property,
plant, and equipment, net
|
3,585,821 | 2,114,188 | ||||||
Goodwill
|
1,551,984 | 803,270 | ||||||
Intangible
assets, net
|
253,560 | 228,950 | ||||||
Accounts
receivable from federal government
|
190,343 | 139,700 | ||||||
Judicial
deposits
|
104,527 | 73,975 | ||||||
Other non-current
assets
|
511,779 | 277,028 | ||||||
6,198,014 | 3,637,111 | |||||||
Total
assets
|
8,609,655 | 4,962,684 |
(Unaudited)
December
31,
|
March 31,
|
|||||||
2009
|
2009
|
|||||||
Liabilities
and shareholders’ equity
|
||||||||
Current
liabilities:
|
||||||||
Trade accounts
payable
|
408,993 | 197,009 | ||||||
Taxes
payable
|
115,426 | 69,273 | ||||||
Salaries
payable
|
76,367 | 40,237 | ||||||
Current portion
of long-term debt
|
517,361 | 630,260 | ||||||
Derivative
financial instruments
|
133,750 | 28,894 | ||||||
Other
liabilities
|
111,044 | 47,946 | ||||||
1,362,941 | 1,013,619 | |||||||
Long-term
liabilities:
|
||||||||
Long-term
debt
|
2,799,224 | 1,246,994 | ||||||
Estimated liability for legal
proceedings and labor claims
|
464,818 | 497,648 | ||||||
Taxes
payable
|
220,553 | 149,621 | ||||||
Due to Cosan
Limited
|
- | 175,000 | ||||||
Deferred
income taxes
|
245,401 | 40,377 | ||||||
Other
long-term liabilities
|
163,738 | 116,429 | ||||||
3,893,734 | 2,226,069 | |||||||
Shareholders’
equity
|
||||||||
Cosan shareholders’
equity:
|
||||||||
Common stock, no
par value. Authorized 406,543,317 shares; issued and outstanding
406,543,317 at December 31, 2009 and 328,284,884 shares at March 31,
2009
|
2,419,844 | 1,945,741 | ||||||
Treasury
stock
|
(1,979 | ) | (1,979 | ) | ||||
Common stock
warrants
|
- | 25,273 | ||||||
Additional
paid-in capital
|
379,648 | 167,610 | ||||||
Accumulated
other comprehensive income (accumulated loss)
|
380,015 | (280,888 | ) | |||||
Retained
earnings (losses)
|
143,057 | (146,099 | ) | |||||
Equity attributable to
shareholders of Cosan
|
3,320,585 | 1,709,658 | ||||||
Equity attributable to
noncontrolling interests
|
32,395 | 13,338 | ||||||
Total shareholders’
equity
|
3,352,980 | 1,722,996 | ||||||
Total liabilities and
shareholders' equity
|
8,609,655 | 4,962,684 |
December
31,
|
January 31,
|
|||||||
2009
|
2009
|
|||||||
Net sales
|
5,845,469 | 1,881,184 | ||||||
Cost of goods
sold
|
(5,179,260 | ) | (1,666,035 | ) | ||||
Gross
profit
|
666,209 | 215,149 | ||||||
Selling
expenses
|
(345,159 | ) | (168,561 | ) | ||||
General and administrative
expenses
|
(175,801 | ) | (110,223 | ) | ||||
Operating income
(loss)
|
145,249 | (63,635 | ) | |||||
Other income
(expenses):
|
||||||||
Financial
income
|
84,953 | 271,475 | ||||||
Financial
expenses
|
91,154 | (621,463 | ) | |||||
Gain on tax recovery
program
|
121,554 | - | ||||||
Other
|
26,882 | (4,978 | ) | |||||
Income (loss) before income taxes
and equity in income (loss) of affiliates
|
469,792 | (418,601 | ) | |||||
Income taxes benefit
(expense)
|
(178,298 | ) | 115,964 | |||||
Income (loss) before equity in
income (loss) of affiliates
|
291,494 | (302,637 | ) | |||||
Equity income (loss) of
affiliates
|
(5,413 | ) | 6,400 | |||||
Net income
(loss)
|
286,081 | (296,237 | ) | |||||
Net (income) loss attributable to
noncontrolling interests
|
3,075 | (2,395 | ) | |||||
Net income (loss) attributable to
Cosan
|
289,156 | (298,632 | ) | |||||
Per-share amounts attributable to
Cosan
|
||||||||
Net income
(loss)
|
||||||||
Basic
|
0.79 | (1.01 | ) | |||||
Diluted
|
0.78 | (1.01 | ) | |||||
Weighted number of shares
outstanding
|
||||||||
Basic
|
365,931,831 | 295,303,737 | ||||||
Diluted
|
370,136,214 | 295,303,737 |
Retained
|
Accumulated
|
|||||||||||||||||||||||||||||||||||||||||||
Common
stock
|
Treasury
stock
|
Common
stock
|
Additional
|
earnings
|
other
|
Non
|
Total
|
|||||||||||||||||||||||||||||||||||||
warrants
|
paid-in
|
(accumulated
|
comprehensive
|
controlling
|
Shareholders
|
|||||||||||||||||||||||||||||||||||||||
shares
|
Amount
|
Shares
|
Amount
|
Number
|
Amount
|
capital
|
loss)
|
income
(loss)
|
interest
|
equity
|
||||||||||||||||||||||||||||||||||
Balances at March 31,
2009
|
328,284,884 | 1,945,741 | 343,139 | (1,979 | ) | 55,000,000 | 25,273 | 167,610 | (146,099 | ) | (280,888 | ) | 13,338 | 1,722,996 | ||||||||||||||||||||||||||||||
Acquisition of
Teaçu
|
- | - | - | - | - | - | 60,009 | - | - | 68,285 | 128,294 | |||||||||||||||||||||||||||||||||
Issuance of common shares in
business combination
|
44,300,389 | 169,553 | - | - | - | - | 123,557 | - | - | (62,476 | ) | 230,634 | ||||||||||||||||||||||||||||||||
Exercise of stock
options
|
965,513 | 13,857 | - | - | - | - | (10,576 | ) | - | - | - | 3,281 | ||||||||||||||||||||||||||||||||
Exercise of common stock
warrants
|
32,992,531 | 290,693 | - | - | (55,000,000 | ) | (25,273 | ) | 35,725 | - | - | - | 301,145 | |||||||||||||||||||||||||||||||
Acquisition of
TEAS
|
- | - | - | - | - | - | - | - | - | 9,076 | 9,076 | |||||||||||||||||||||||||||||||||
Share based
compensation
|
- | - | - | - | - | - | 3,323 | - | - | - | 3,323 | |||||||||||||||||||||||||||||||||
Net income
|
- | - | - | - | - | - | - | 289,156 | - | (3,075 | ) | 286,081 | ||||||||||||||||||||||||||||||||
Pension
plan
|
- | - | - | - | - | - | - | - | (133 | ) | - | (133 | ) | |||||||||||||||||||||||||||||||
Currency translation
adjustment
|
- | - | - | - | - | - | - | - | 661,036 | 7,247 | 668,283 | |||||||||||||||||||||||||||||||||
Total comprehensive
income
|
957,554 | |||||||||||||||||||||||||||||||||||||||||||
Balances at December 31,
2009
|
406,543,317 | 2,419,844 | 343,139 | (1,979 | ) | - | - | 379,648 | 143,057 | 380,015 | 32,395 | 3,352,980 |
December
31,
|
January 31,
|
|||||||
2009
|
2009
|
|||||||
Cash flow from operating
activities
|
||||||||
Net (loss) income for the period
attributable to Cosan
|
289,156 | (298,632 | ) | |||||
Adjustments to reconcile net
income to cash provided by operating activities:
|
||||||||
Depreciation
and amortization
|
379,497 | 250,762 | ||||||
Deferred
income and social contribution taxes
|
178,298 | (104,394 | ) | |||||
Interest,
monetary and exchange variation
|
(264,046 | )) | 465,168 | |||||
Gain on tax recovery
program
|
(112,162 | ) | - | |||||
Others
|
(31,683 | ) | (36,699 | ) | ||||
Decrease/increase in operating
assets and liabilities
|
||||||||
Trade accounts receivable,
net
|
94,947 | 26,789 | ||||||
Inventories
|
(288,984 | ) | (315,188 | ) | ||||
Advances to
suppliers
|
(4,520 | ) | (6,087 | ) | ||||
Trade accounts
payable
|
55,264 | 59,980 | ||||||
Derivative financial
instruments
|
67,138 | 62,483 | ||||||
Taxes
payable
|
(59,581 | ) | (14,173 | ) | ||||
Other assets and liabilities,
net
|
28,291 | (41,644 | ) | |||||
Net cash provided by (used in)
operating activities
|
331,615 | 48,365 | ||||||
Cash flows from investing
activities:
|
||||||||
Restricted
cash
|
(92,059 | ) | 29,245 | |||||
Marketable
securities
|
- | 207,091 | ||||||
Cash received
from sales of noncurrent assets
|
69,472 | - | ||||||
Others
|
8,409 | 69,026 | ||||||
Acquisition
of property, plant and equipment
|
(678,093 | ) | (444,960 | ) | ||||
Acquisitions,
net of cash acquired
|
(715,948 | ) | ||||||
Net cash used in investing
activities
|
(692,271 | ) | (855,546 | ) | ||||
Cash flows from financing
activities:
|
||||||||
Related
parties
|
(262,340 | ) | - | |||||
Proceeds from
issuance of common stock
|
304,426 | 456,084 | ||||||
Treasury
stock
|
- | (1,979 | ) | |||||
Additions of
long-term debts
|
1,656,427 | 654,927 | ||||||
Increase of
capital in subsidiary for minority stockholders
|
- | 5,172 | ||||||
Payments of
long-term debts
|
(1,311,464 | ) | (103,169 | ) | ||||
Other
|
- | 100 | ||||||
Net cash provided by financing
activities
|
387,049 | 1,011,135 | ||||||
Effect of exchange rate changes on
cash and
|
||||||||
cash
equivalents
|
159,151 | (144,967 | ) | |||||
Net increase in cash and cash
equivalents
|
185,544 | 58,987 | ||||||
Cash and cash equivalents at
beginning of period
|
310,710 | 38,832 | ||||||
Cash and cash equivalents at end
of period
|
496,254 | 97,819 | ||||||
Supplemental
cash flow information
|
||||||||
Cash paid during the period
for:
|
||||||||
Interest
|
146,042 | 70,897 | ||||||
Income
taxes
|
2,189 | - | ||||||
Non cash
transaction
|
||||||||
Acquisition paid with
equity
|
321,087 | - |
1.
|
Operations
|
1.
|
Operations
(Continued)
|
2.
|
Presentation
of the consolidated financial
statements
|
|
a.
|
Basis of reporting for
interim financial statements
|
|
b.
|
Use of
estimates
|
2.
|
Presentation of the
consolidated financial statements
(Continued)
|
|
c.
|
Recently
issued accounting standards
|
2.
|
Presentation of the
consolidated financial statements
(Continued)
|
|
c.
|
Recently
issued accounting standards (Continued)
|
2.
|
Presentation of the
consolidated financial statements
(Continued)
|
|
c.
|
Recently
issued accounting standards
(Continued)
|
3.
|
Acquisitions
|
|
a.
|
Teaçu Armazéns Gerais
S.A.
|
Cash
|
52,985 | |||
Common stock
at estimated fair value
|
97,516 | |||
Total
|
150,501 |
3.
|
Acquisitions
(Continued)
|
Description
|
||||
Property,
plant and equipment
|
40,224 | |||
Inventories
|
973 | |||
Other
assets
|
29,012 | |||
Long-term
debt including current installments
|
(18,780 | ) | ||
Trade
accounts payable
|
(361 | ) | ||
Estimated
liability for legal proceedings and labor claims
|
(976 | ) | ||
Other
liabilities
|
(1,922 | ) | ||
Net assets
acquired
|
48,170 | |||
Provisional
purchase price, net of cash acquired
|
150,222 | |||
Goodwill
|
102,052 |
Revenue
|
Earnings
(loss)
|
|||||||
Actual from
April 9, 2009 – December 31, 2009 (*)
|
29,067 | 3,315 | ||||||
Supplemental
pro forma from May 1, 2008 – January 31, 2009
|
1,902,726 | (296,895 | ) |
3.
|
Acquisitions
(Continued)
|
Description
|
||||
Property,
plant and equipment
|
370,651 | |||
Noncontrolling
interest in Novo Rumo
|
62,476 | |||
Inventories
|
63,572 | |||
Account
receivables
|
62,377 | |||
Other
assets
|
251,267 | |||
Long-term
debt including current installments
|
(606,118 | ) | ||
Trade
accounts payable
|
(81,563 | ) | ||
Related
parties
|
(16,591 | ) | ||
Estimated
liability for legal proceedings and labor claims
|
(7,009 | ) | ||
Taxes and
contributions payable
|
(28,821 | ) | ||
Other
liabilities
|
(66,155 | ) | ||
Net assets
acquired
|
4,086 | |||
Purchase
price, net of cash acquired
|
294,605 | |||
Goodwill
|
290,519 |
3.
|
Acquisitions
(Continued)
|
Revenue
|
Earnings
|
|||||||
Actual from
June 18, 2009 – December 31, 2009
|
407,364 | 25,208 | ||||||
Supplemental
pro forma from April 1, 2009 – December 31, 2009
|
5,938,413 | 283,953 | ||||||
Supplemental
pro forma from May 1, 2008 – January 31, 2009
|
2,382,518 | (315,814 | ) |
Cash
|
11,574 | |||
Acquisition
date fair value of initial 40% investment (*)
|
11,226 | |||
Total
|
22,800 |
3.
|
Acquisitions
(Continued)
|
Description
|
||||
Property,
plant and equipment
|
12,089 | |||
Other
assets
|
489 | |||
Trade
accounts payable
|
(74 | ) | ||
Other
liabilities
|
(206 | ) | ||
Fair value of
non-controlling interest (*)
|
(3,574 | ) | ||
Net assets
acquired
|
8,724 | |||
Provisional
purchase price, net of cash acquired
|
12,917 | |||
Goodwill
|
4,193 |
Revenue
|
Earnings
|
|||||||
Actual from
November 24, 2009 – December 31, 2009
|
100 | 18 | ||||||
Supplemental
pro forma from April 1, 2009 – December 31, 2009
|
5,848,212 | 289,341 | ||||||
Supplemental
pro forma from May 1, 2008 – January 31, 2009
|
1,883,948 | 298,420 |
3.
|
Acquisitions
(Continued)
|
4.
|
Derivative
financial instruments
|
Notional
amounts
|
Carrying
value asset (liability)
|
|||||||||||||||
December
31, 2009
|
March
31, 2009
|
December
31, 2009
|
March
31, 2009
|
|||||||||||||
Commodities
derivatives
|
||||||||||||||||
Future
contracts:
|
||||||||||||||||
Purchase
commitments - sugar
|
66,214 | 61 | 1,939 | (4 | ) | |||||||||||
Purchase
commitments - oil
|
43,692 | - | 2,228 | - | ||||||||||||
Sell
commitments
|
375,602 | 182,943 | (42,948 | ) | 4,163 | |||||||||||
Swap
agreements
|
56,594 | - | 3,630 | - | ||||||||||||
Options:
|
||||||||||||||||
Purchased
|
186,599 | - | 5,319 | - | ||||||||||||
Written
|
416,111 | 64,366 | (90,670 | ) | (2,906 | ) | ||||||||||
Foreign
exchange derivatives
|
||||||||||||||||
Forward
contracts:
|
||||||||||||||||
Sale
commitments
|
298,435 | 184,653 | (132 | ) | (23,035 | ) | ||||||||||
Swap
agreements
|
||||||||||||||||
Swap
agreements – Senior notes 2009
|
- | 246,501 | (2,949 | ) | ||||||||||||
Swap
agreements – Interest Libor
|
99,317 | - | 552 | - | ||||||||||||
Future
contracts
|
||||||||||||||||
Sale
commitments
|
331,048 | 372,230 | 17,698 | 3,189 | ||||||||||||
Options
|
||||||||||||||||
Purchased
|
559,673 | - | 9,993 | - | ||||||||||||
Total
assets
|
41,359 | 7,352 | ||||||||||||||
Total
liabilities
|
(133,750 | ) | (28,894 | ) |
4.
|
Derivative financial
instruments (Continued)
|
5.
|
Inventories
|
December
31,
2009
|
March
31,
2009
|
|||||||
Finished
goods:
|
||||||||
Sugar
|
354,827 | 47,195 | ||||||
Ethanol
|
323,600 | 86,809 | ||||||
Lubricants
|
43,725 | 38,852 | ||||||
Fuel
(Gasoline, Diesel and Ethanol)
|
124,100 | 74,582 | ||||||
Others
|
4,744 | 6,674 | ||||||
850,996 | 254,112 | |||||||
Annual
maintenance cost of growing crops
|
179,849 | 167,576 | ||||||
Others
|
81,486 | 56,105 | ||||||
1,112,331 | 477,793 |
6.
|
Taxes
payable
|
December
31,
2009
|
March
31,
2009
|
|||||||
Tax Recovery
Program – Federal REFIS
|
- | 69,516 | ||||||
Special Tax
Payment Program – PAES
|
250 | 28,912 | ||||||
Tax Recovery from Brazilian Law No
11.941/09 and MP 470/09
|
180,722 | - | ||||||
Income Tax
and Social Contribution
|
90,472 | 71,747 | ||||||
Others
|
64,535 | 48,719 | ||||||
335,979 | 218,894 | |||||||
Current
liabilities
|
(115,426 | ) | (69,273 | ) | ||||
Long-term
liabilities
|
220,553 | 149,621 |
6.
|
Taxes payable
(Continued)
|
Taxes payable
and recorded contingencies
|
423,753 | |||
Gain on tax
recovery programs
|
(121,554 | ) | ||
Tax loss
carryfowards
|
(117,105 | ) | ||
Installments
paid
|
(6,425 | ) | ||
Interest
|
2,052 | |||
Payable as of
December 31, 2009
|
180,722 |
Balance at
March 31, 2009
|
53,995 | |||
Accrued
interest on unrecognized tax benefit
|
1,933 | |||
Effect of
foreign currency translation
|
17,800 | |||
Settlements
|
(37 | ) | ||
Balance at
December 31, 2009
|
73,691 |
7.
|
Long-term
debt
|
Index
|
Average
annual interest rate
|
December
31, 2009
|
March
31, 2009
|
|||||||||||
Resolution
No. 2471 (PESA)
|
IGP-M
|
4.0%
|
291,076 | 213,314 | ||||||||||
Senior notes
due 2009
|
US
Dollar
|
9.0%
|
- | 37,343 | ||||||||||
Senior notes
due 2014
|
US
Dollar
|
9.5%
|
363,115 | - | ||||||||||
Senior notes
due 2017
|
US
Dollar
|
7.0%
|
411,589 | 404,589 | ||||||||||
IFC
|
US
Dollar
|
7.4%
|
52,227 | 49,379 | ||||||||||
Perpetual
notes
|
US
Dollar
|
8.3%
|
455,304 | 455,304 | ||||||||||
BNDES
|
TJLP
|
2.6%
|
485,167 | 99,561 | ||||||||||
Promissory
notes
|
DI
|
3.0%
|
- | 501,888 | ||||||||||
Export credit
notes
|
DI
|
2.4%
|
192,096 | - | ||||||||||
Export credit
notes
|
DI
|
8.8%
|
101,093 | - | ||||||||||
Credit
notes
|
DI
|
3.9%
|
69,527 | - | ||||||||||
Export
pre-payment notes
|
US
Dollar
|
Libor +
5.2%
|
551,359 | - | ||||||||||
Others
|
Various
|
Various
|
344,032 | 115,876 | ||||||||||
3,316,585 | 1,877,254 | |||||||||||||
Current
portion
|
(517,361 | ) | (630,260 | ) | ||||||||||
Long-term
debt
|
2,799,224 | 1,246,994 |
2011
|
337,302 | ||||
2012
|
444,031 | ||||
2013
|
123,067 | ||||
2014
|
110,015 | ||||
2015
|
49,790 | ||||
2016
|
48,414 | ||||
2017
|
446,210 | ||||
2018
and thereafter
|
1,240,395 | ||||
2,799,224 |
7.
|
Long-term debt
(Continued)
|
7.
|
Long-term debt
(Continued)
|
8.
|
Related
parties
|
Assets
|
||||||||
December
31,
2009
|
March
31,
2009
|
|||||||
Cosan
Alimentos
|
- | 13,123 | ||||||
Rezende
Barbosa S.A. Administração e Participações
|
90,296 | - | ||||||
Vertical UK
LLP
|
2,152 | 11,597 | ||||||
Others
|
7,773 | - | ||||||
100,221 | 24,720 | |||||||
Current
(*)
|
(14,151 | ) | (24,720 | ) | ||||
Noncurrent
(*)
|
86,070 | - | ||||||
Liabilities
|
||||||||
December
31,
2009
|
March
31,
2009
|
|||||||
Cosan
Limited
|
- | 175,307 | ||||||
Nova América
S.A. Agrícola
|
14,541 | - | ||||||
Logispot
Armazéns Gerais S.A.
|
8,610 | - | ||||||
Others
|
5,827 | 1,926 | ||||||
28,978 | 177,233 | |||||||
Current
(*)
|
(28,978 | ) | (2,233 | ) | ||||
Noncurrent
|
- | 175,000 |
December
31,
2009
|
January
31,
2009
|
|||||||
Transactions
involving assets
|
||||||||
Cash received
due to the sale of finished products and assets and services held, net of
payments
|
(109,642 | ) | (263,734 | ) | ||||
Sale of
finished products and services in a affiliated company
|
98,320 | 109,423 | ||||||
Sale of
Buildings
|
- | 16,685 | ||||||
Sale of
Interest in subsidiaries
|
- | 147,709 | ||||||
Added through
acquisition
|
73,338 | - | ||||||
Transactions
involving liabilities
|
||||||||
Payment of
financial resources, net of funding
|
27,560 | (3,036 | ) | |||||
Cash received
(payment) to Cosan Limited
|
(170,457 | ) | 213,179 | |||||
Financial
income (expense)
|
(41,573 | ) | 285 |
8.
|
Related parties
(Continued)
|
9.
|
Estimated
liability for legal proceedings and labor claims and
commitments
|
December
31,
2009
|
March
31,
2009
|
|||||||
Tax
contingencies
|
374,656 | 430,342 | ||||||
Civil and
labor contingencies
|
90,162 | 67,306 | ||||||
464,818 | 497,648 |
December
31,
2009
|
March
31,
2009
|
|||||||
Credit
premium – IPI
|
- | 116,256 | ||||||
PIS and
Cofins
|
79,413 | 62,556 | ||||||
IPI
credits
|
2,907 | 40,049 | ||||||
Contribution
to IAA
|
44,833 | 36,672 | ||||||
IPI – Federal
VAT
|
54,750 | 23,626 | ||||||
ICMS
credits
|
33,243 | 19,966 | ||||||
Compensation
with Finsocial
|
98,091 | 70,693 | ||||||
Other
|
61,419 | 60,524 | ||||||
374,656 | 430,342 |
9.
|
Estimated liability for legal
proceedings and labor claims and commitments
(Continued)
|
December
31,
2009
|
March
31,
2009
|
|||||||
Withholding
Income Tax
|
95,055 | 69,730 | ||||||
ICMS – State
VAT
|
135,302 | 77,052 | ||||||
IAA - Sugar
and Ethanol Institute
|
42,565 | 31,610 | ||||||
IPI - Federal
Value-added tax
|
174,389 | 100,722 | ||||||
INSS
|
1,247 | 795 | ||||||
PIS and
COFINS
|
33,130 | 15,529 | ||||||
Civil and
labor
|
136,233 | 94,599 | ||||||
Other
|
49,009 | 34,851 | ||||||
666,930 | 424,888 |
9.
|
Estimated liability for legal
proceedings and labor claims and commitments
(Continued)
|
10.
|
Shareholders’
equity
|
10.
|
Shareholders’ equity
(Continued)
|
10.
|
Shareholders’ equity
(Continued)
|
11.
|
Deferred gain on sale of
investments in subsidiaries
|
12.
|
Share-based
compensation
|
12.
|
Share-based compensation
(Continued)
|
Options
granted on September 22, 2005
|
Options
granted on September 11, 2007
|
|||||||
Grant price - in U.S.
dollars
|
3.51
|
3.51
|
||||||
Expected life (in
years)
|
7.5
|
7.5
|
||||||
Interest
rate
|
14.52%
|
9.34%
|
||||||
Volatility
|
34.00%
|
46.45%
|
||||||
Dividend
yield
|
1.25%
|
1.47%
|
||||||
Weighted-average fair value at
grant date - in U.S. dollars
|
7.09
|
10.45
|
13.
|
Fair value
measurements
|
13.
|
Fair value
measurements
(Continued)
|
Level 1
|
Level 2
|
Total
|
||||||||||
Assets
|
||||||||||||
Derivatives
|
5,319 | 36,040 | 41,359 | |||||||||
Total
|
5,319 | 36,040 | 41,359 | |||||||||
Liabilities
|
||||||||||||
Derivatives
|
90,669 | 43,081 | 133,750 | |||||||||
Total
|
90,669 | 43,081 | 133,750 |
14.
|
Segment
information
|
14.
|
Segment information
(Continued)
|
December
1,
2009
|
January
31,
2009
|
|||||||
Net sales —
Brazilian GAAP
|
||||||||
Sugar
|
1,154,354 | 624,617 | ||||||
Ethanol
|
591,640 | 402,199 | ||||||
Fuel
distribution
|
3,913,404 | 749,011 | ||||||
Others
|
182,366 | 104,342 | ||||||
Total
|
5,841,764 | 1,880,168 | ||||||
Reconciling
items to U.S. GAAP
|
||||||||
Sugar
|
4,113 | 777 | ||||||
Fuel
distribution
|
(408 | ) | 239 | |||||
Total
|
3,705 | 1,016 | ||||||
Total net
sales
|
5,845,469 | 1,881,184 |
14.
|
Segment information
(Continued)
|
December
31,
2009
|
January
31,
2009
|
|||||||
Segment
operating income (loss) – Brazilian GAAP
|
||||||||
Sugar
|
76,416 | (50,952 | ) | |||||
Ethanol
|
28,971 | (32,809 | ) | |||||
Fuel
distribution
|
81,615 | (4,526 | ) | |||||
Others
|
8,834 | (7,106 | ) | |||||
Operating
income (loss) — Brazilian GAAP
|
195,836 | (95,393 | ) | |||||
Reconciling
items to U.S. GAAP
|
||||||||
Depreciation
and amortization expenses
|
||||||||
Sugar
|
(30,089 | ) | 28,449 | |||||
Ethanol
|
(17,707 | ) | 18,319 | |||||
Fuel
distribution
|
- | 237 | ||||||
Others
|
(5,234 | ) | 3,911 | |||||
(53,030 | ) | 50,916 | ||||||
Other
adjustments
|
||||||||
Sugar
|
3,640 | (9,899 | ) | |||||
Ethanol
|
2,142 | (6,374 | ) | |||||
Fuel
distribution
|
(3,893 | ) | (1,489 | ) | ||||
Others
|
554 | (1,396 | ) | |||||
2,443 | (19,158 | ) | ||||||
Total
sugar
|
49,967 | (32,402 | ) | |||||
Total
ethanol
|
13,406 | (20,864 | ) | |||||
Fuel
distribution
|
77,722 | (5,778 | ) | |||||
Total
others
|
4,154 | (4,591 | ) | |||||
Operating
income (loss) — U.S. GAAP
|
145,249 | (63,635 | ) |
14.
|
Segment information
(Continued)
|
Market
|
Customer
|
December
31, 2009
|
January
31, 2009
|
|||||
International
|
Sucres et
Denrées
|
21%
|
15.2%
|
|||||
Ceval Internacional
Limited
|
9%
|
-
|
||||||
Cargill Incorporation
Ltd.
|
5%
|
-
|
||||||
Cargill International
S.A.
|
4%
|
6.4%
|
||||||
Coimex Trading
Ltd
|
8%
|
5.8%
|
||||||
Ableman Trading
Limited
|
4%
|
5.5%
|
||||||
Fluxo – Cane Overseas
Ltd
|
1%
|
24.2%
|
||||||
Tate & Lyle
International
|
1%
|
8.7%
|
Market
|
Customer
|
December
31, 2009
|
January
31, 2009
|
|||||
International
|
Vertical UK
LLP
|
10%
|
16.6%
|
|||||
Kolmar
Petrochemicals
|
5%
|
-
|
|
|||||
Morgan
Stanley Capital Group Inc.
|
5%
|
3.5%
|
||||||
Alcotra
S.A.
|
3%
|
1.1%
|
||||||
Sekab
Biofuels & Chemicals
|
2%
|
6.3%
|
||||||
Vitol
Inc.
|
-
|
2.2%
|
||||||
Bauche Energy
AS - Buyer
|
4%
|
2.2%
|
||||||
Bauche Energy
Br Com Imp Exp Ltda.
|
-
|
1.9%
|
||||||
Astra Oil
Company LLC
|
4%
|
-
|
||||||
|
||||||||
Domestic
|
Shell Brasil
Ltda.
|
18%
|
18.2%
|
|||||
Petrobrás
Distribuidora S.A.
|
12%
|
7.4%
|
||||||
Cia
Brasileira de Petróleo Ipiranga
|
9%
|
5.4%
|
||||||
Euro Petróleo
do Brasil Ltda.
|
6%
|
12.5%
|
||||||
Alesat
Combustíveis S.A.
|
5%
|
3.2%
|
||||||
Chevron
Brasil Ltda.
|
1%
|
3.2%
|
||||||
Cia Nacional
de Alcool
|
3%
|
3.2%
|
14.
|
Segment information
(Continued)
|
Market
|
Customer
|
December 31, 2009
|
January 31,
2009
|
|||||
Domestic
|
Mime
Distribuidora de Petróleo Ltda.
|
2%
|
1.5%
|
|||||
Tam Linhas Aéreas
S.A.
|
1%
|
3.6%
|
||||||
All – América
Latina Logística Malha Sul S.A.
|
1%
|
-
|
||||||
Auto Posto
Túlio Ltda.
|
1%
|
1.2%
|
||||||
Posto Iccar
Ltda.
|
1%
|
1.2%
|
||||||
Iberia
L.A.E.
|
-
|
1.1%
|
15.
|
Subsequent
events
|
Special
review report of independent auditors
|
1
|
Unaudited
quarterly financial information
|
|
Unaudited
balance sheets
|
3
|
Unaudited
statements of operations
|
5
|
Unaudited
statements of cash flows
|
7
|
Unaudited
statement of changes in shareholders’ equity
|
11
|
Notes to the
unaudited quarterly financial information
|
12
|
1.
|
We have
performed a special review of the accompanying Quarterly Financial
Information of Cosan S.A. Indústria e Comércio (parent company and
consolidated) for the quarter and nine-month period ended December 31,
2009, including the balance sheets, statements of operations and cash
flows, report on the Company’s performance and explanatory notes, prepared
under the management’s
responsibility.
|
2.
|
Our review
was conducted in accordance with the specific procedures determined by the
Brazilian Institute of Independent Auditors (IBRACON) and the Federal
Board of Accountancy (CFC), which comprised principally: (a) inquiries of
and discussions with the management responsible for the Company’s
accounting, financial and operational areas about the criteria adopted for
the preparation of the Quarterly Financial Information; and (b) review of
information and subsequent events which have, or could have, significant
effects on the Company’s operations and financial
position.
|
3.
|
Based on our
special review, we are not aware of any material modification that should
be made to the Quarterly Financial Information referred to above for it to
comply with specific standards established by the Brazilian Securities and
Exchange Commission (CVM) applicable to the preparation of the Quarterly
Financial Information.
|
4.
|
As mentioned
in Note 2, the accounting practices adopted in Brazil were modified during
2008 and the effects of its first time adoption were only recorded by the
Company and its subsidiaries during the fourth quarter of the previous
year and disclosed in the March 31, 2009 financial statements. The
statements of operations and cash flows, for the quarter and nine-month
period ended January 31, 2009, presented in conjunction with the
information for the current quarter, were not adjusted for comparative
purposes, as permitted by Ofício-Circular/CVM/SNC/SEP No.
02/2009.
|
Parent
Company
|
Consolidated
|
||||||||||||||||
December
31, 2009
|
September
30,
2009
|
December
31, 2009
|
September
30,
2009
|
||||||||||||||
Assets
|
|||||||||||||||||
Current
assets
|
|||||||||||||||||
Cash and cash
equivalents
|
Note 4
|
510,845 | 177,599 | 864,077 | 948,647 | ||||||||||||
Restricted
cash
|
172,050 | 145,837 | 172,050 | 149,533 | |||||||||||||
Trade
accounts receivable
|
Note 5
|
37,926 | 78,995 | 511,100 | 589,668 | ||||||||||||
Derivative
financial instruments
|
Note
19
|
81,325 | 97,427 | 72,014 | 97,427 | ||||||||||||
Inventories
|
Note 6
|
582,700 | 453,717 | 1,936,791 | 1,531,522 | ||||||||||||
Advances to
suppliers
|
88,214 | 102,204 | 241,244 | 336,748 | |||||||||||||
Related
parties
|
Note 7
|
550,241 | 637,178 | 24,639 | 21,613 | ||||||||||||
Deferred
income and social contribution taxes
|
Note
12.b
|
- | - | 29,155 | 48,108 | ||||||||||||
Recoverable
taxes
|
109,925 | 117,075 | 307,805 | 342,894 | |||||||||||||
Other
assets
|
10,408 | 7,775 | 53,968 | 41,691 | |||||||||||||
2,143,634 | 1,817,807 | 4,212,843 | 4,107,851 | ||||||||||||||
Noncurrent
assets
|
|||||||||||||||||
Long-term
receivables
|
|||||||||||||||||
Accounts
receivable from federal government
|
Note
14
|
- | - | 331,426 | 329,049 | ||||||||||||
CTNs-Restricted
Brazilian Treasury Bills
|
Note
13
|
29,553 | 28,755 | 194,590 | 189,342 | ||||||||||||
Deferred
income and social contribution taxes
|
Note
12.b
|
5,264 | 98,360 | 334,214 | 551,487 | ||||||||||||
Advances to
suppliers
|
25,629 | 18,214 | 132,461 | 85,130 | |||||||||||||
Related
parties
|
Note
7
|
- | - | 149,866 | 151,821 | ||||||||||||
Other
assets
|
14,379 | 4,972 | 210,799 | 190,150 | |||||||||||||
Permanent
assets
|
|||||||||||||||||
Investments
|
Note 8
|
5,558,392 | 5,377,928 | 194,046 | 196,497 | ||||||||||||
Property,
plant and equipment
|
Note 9
|
757,720 | 761,425 | 4,871,534 | 4,671,373 | ||||||||||||
Intangible
|
Note
10
|
395,637 | 395,637 | 2,765,466 | 2,737,464 | ||||||||||||
6,711,749 | 6,534,990 | 9,184,402 | 9,102,313 | ||||||||||||||
Total
assets
|
8,930,208 | 8,503,098 | 13,397,245 | 13,210,164 |
Parent
Company
|
Consolidated
|
||||||||||||||||
December
31, 2009
|
September
30,
2009
|
December
31, 2009
|
September
30,
2009
|
||||||||||||||
Liabilities
and shareholders’ equity
|
|||||||||||||||||
Current
liabilities
|
|||||||||||||||||
Loans and
financing
|
Note
13
|
479,412 | 444,697 | 892,636 | 1,184,658 | ||||||||||||
Derivative
financial instruments
|
232,884 | 215,142 | 232,884 | 215,405 | |||||||||||||
Trade
accounts payable
|
177,747 | 172,149 | 712,139 | 712,502 | |||||||||||||
Salaries
payable
|
40,869 | 61,413 | 132,971 | 180,904 | |||||||||||||
Taxes and
social contributions payable
|
Note
11
|
24,393 | 44,832 | 200,979 | 230,925 | ||||||||||||
Related
parties
|
Note 7
|
197,143 | 124,286 | 50,456 | 3,838 | ||||||||||||
Other
liabilities
|
34,795 | 25,215 | 123,440 | 100,728 | |||||||||||||
Total current
liabilities
|
1,187,243 | 1,087,734 | 2,345,505 | 2,628,960 | |||||||||||||
Noncurrent
liabilities
|
|||||||||||||||||
Loans and
financing
|
Note
13
|
1,707,465 | 1,903,754 | 4,859,073 | 4,667,395 | ||||||||||||
Taxes and
social contributions payable
|
Note
11
|
60,141 | 48,478 | 255,715 | 288,850 | ||||||||||||
Related
parties
|
Note 7
|
946,342 | 966,397 | - | - | ||||||||||||
Provision for
judicial demands
|
Note
14
|
76,431 | 239,778 | 755,650 | 1,143,377 | ||||||||||||
Pension
Plan
|
Note 22
|
- | - | 61,582 | 62,287 | ||||||||||||
Other
liabilities
|
35,611 | 36,485 | 155,785 | 168,394 | |||||||||||||
Total
noncurrent liabilities
|
2,825,990 | 3,194,892 | 6,087,805 | 6,330,303 | |||||||||||||
Minority
shareholders’ interest
|
- | - | 46,960 | 30,429 | |||||||||||||
Shareholders’
equity
|
Note
15
|
||||||||||||||||
Capital
|
4,687,722 | 4,155,316 | 4,687,722 | 4,155,316 | |||||||||||||
Treasury
stock
|
(4,186 | ) | (4,186 | ) | (4,186 | ) | (4,186 | ) | |||||||||
Capital
reserves
|
54,308 | 54,384 | 54,308 | 54,384 | |||||||||||||
Currency
translation adjustment
|
(2,956 | ) | - | (2,956 | ) | - | |||||||||||
Retained
earnings
|
182,087 | 14,958 | 182,087 | 14,958 | |||||||||||||
Total
shareholders’ equity
|
4,916,975 | 4,220,472 | 4,916,975 | 4,220,472 | |||||||||||||
Total
liabilities and shareholders’ equity
|
8,930,208 | 8,503,098 | 13,397,245 | 13,210,164 |
Parent
Company
|
Consolidated
|
|||||||||||||||
December
31, 2009
|
January
31, 2009
|
December
31, 2009
|
January
31, 2009
|
|||||||||||||
Gross
operating revenue
|
||||||||||||||||
Sales of
goods and services
|
514,709 | 536,284 | 4,145,134 | 2,746,351 | ||||||||||||
Taxes and
sales deductions
|
(35,403 | ) | (32,951 | ) | (344,634 | ) | (180,718 | ) | ||||||||
Net operating
revenue
|
479,306 | 503,333 | 3,800,500 | 2,565,633 | ||||||||||||
Cost of goods
sold and services rendered
|
(391,272 | ) | (353,375 | ) | (3,340,517 | ) | (2,187,601 | ) | ||||||||
Gross
profit
|
88,034 | 149,958 | 459,983 | 378,032 | ||||||||||||
Operating
income (expenses)
|
||||||||||||||||
Selling
expenses
|
(33,966 | ) | (41,570 | ) | (218,374 | ) | (156,752 | ) | ||||||||
General and
administrative expenses
|
(53,653 | ) | (14,895 | ) | (116,304 | ) | (70,842 | ) | ||||||||
Management
fees
|
(1,628 | ) | (1,423 | ) | (1,628 | ) | (1,423 | ) | ||||||||
Financial
income (expenses), net
|
(54,963 | ) | 64,130 | (78,285 | ) | (159,183 | ) | |||||||||
Earnings
(losses) on equity investments
|
151,619 | (57,312 | ) | (9,360 | ) | 13,551 | ||||||||||
Goodwill
amortization
|
- | (16,488 | ) | - | (65,159 | ) | ||||||||||
Other
operating income (expenses), net
|
79,363 | (115,779 | ) | 217,012 | 120,226 | |||||||||||
86,772 | (83,337 | ) | (206,939 | ) | (319,582 | ) | ||||||||||
Operating
income
|
174,806 | 66,621 | 253,044 | 58,450 | ||||||||||||
Income before
income and social contribution taxes
|
174,806 | 66,621 | 253,044 | 58,450 | ||||||||||||
Income and
social contribution taxes
|
(7,677 | ) | (61,413 | ) | (85,257 | ) | (53,285 | ) | ||||||||
Minority
shareholders’ interest
|
- | - | (658 | ) | 43 | |||||||||||
Net income
for the period
|
167,129 | 5,208 | 167,129 | 5,208 | ||||||||||||
Earnings per
share – in Reais
|
0.41 | 0.02 |
Parent
Company
|
Consolidated
|
||||||||||||||||
December
31, 2009
|
January
31, 2009
|
December
31, 2009
|
January
31,
2009
|
||||||||||||||
Gross
operating revenue
|
|||||||||||||||||
Sales of
goods and services
|
1,741,694 | 1,281,662 | 11,895,875 | 4,199,121 | |||||||||||||
Taxes and
sales deductions
|
(93,613 | ) | (76,058 | ) | (953,936 | ) | (278,822 | ) | |||||||||
Net operating
revenue
|
1,648,081 | 1,205,604 | 10,941,939 | 3,920,299 | |||||||||||||
Cost of goods
sold and services rendered
|
(1,377,328 | ) | (1,002,193 | ) | (9,590,439 | ) | (3,360,763 | ) | |||||||||
Gross
profit
|
270,753 | 203,411 | 1,351,500 | 559,536 | |||||||||||||
Operating
income (expenses)
|
|||||||||||||||||
Selling
expenses
|
(114,353 | ) | (105,967 | ) | (639,261 | ) | (331,066 | ) | |||||||||
General and
administrative expenses
|
(156,539 | ) | (92,114 | ) | (318,054 | ) | (193,372 | ) | |||||||||
Management
fees
|
Note
|
(5,353 | ) | (4,272 | ) | (5,353 | ) | (4,272 | ) | ||||||||
Financial
income (expenses), net
|
Note
|
331,975 | (313,808 | ) | 434,037 | (624,027 | ) | ||||||||||
Earnings
(losses) on equity investments
|
Note
|
411,162 | (166,858 | ) | (12,885 | ) | 13,458 | ||||||||||
Goodwill
amortization
|
- | (49,465 | ) | - | (145,949 | ) | |||||||||||
Realization
of goodwill through sale
|
- | - | (85,589 | ) | - | ||||||||||||
Other
operating income (expenses), net
|
86,147 | (14,061 | ) | 292,016 | 116,127 | ||||||||||||
553,039 | (746,545 | ) | (335,089 | ) | (1,169,101 | ) | |||||||||||
Operating
income (loss)
|
823,792 | (543,134 | ) | 1,016,411 | (609,565 | ) | |||||||||||
Income (loss)
before income and social contribution taxes
|
823,792 | (543,134 | ) | 1,016,411 | (609,565 | ) | |||||||||||
Income and
social contribution taxes
|
Note
|
(146,027 | 109,528 | (346,973 | ) | 175,030 | |||||||||||
Minority
shareholders’ interest
|
- | - | 8,327 | 929 | |||||||||||||
Net income
(loss) for the period
|
677,765 | (433,606 | ) | 677,765 | (433,606 | ) | |||||||||||
Earnings (loss)
per share – in Reais
|
1.67 | (1.33 | ) |
Parent
Company
|
Consolidated
|
|||||||||||||||
December
31, 2009
|
January
31,
2009
|
December
31, 2009
|
January
31,
2009
|
|||||||||||||
Cash
flows from operating activities
|
||||||||||||||||
Net income
for the period
|
167,129 | 5,208 | 167,129 | 5,208 | ||||||||||||
Adjustments
to reconcile net income (loss) for the period to cash provided by or used
in operating activities
|
||||||||||||||||
Depreciation
and amortization
|
46,141 | 25,021 | 149,671 | 71,136 | ||||||||||||
Losses
(earnings) on equity investments
|
(151,619 | ) | 57,312 | 9,360 | (13,551 | ) | ||||||||||
Net book
value of long lived assets disposed of
|
43 | (32,810 | ) | 1,053 | (328,436 | ) | ||||||||||
Goodwill
amortization
|
- | 16,488 | 65,159 | |||||||||||||
Deferred
income and social contribution taxes
|
7,677 | 60,408 | 58,948 | 51,856 | ||||||||||||
Set-up
(reversal) of provision for legal claims, net
|
214 | 6,926 | 4,137 | (6,268 | ) | |||||||||||
Set-up
(reversal) of provision for devaluation of permanent equity
interest
|
- | - | - | 22 | ||||||||||||
Minority
interest
|
- | - | 658 | (43 | ) | |||||||||||
Gain from Law
11,941/MP 470
|
(79,433 | ) | - | (211,649 | ) | - | ||||||||||
Recognized
granted shares
|
(76 | ) | - | (76 | ) | - | ||||||||||
Interest,
monetary and exchange variation, net
|
42,101 | 83,270 | (47,873 | ) | 297,788 | |||||||||||
Others
|
(1,764 | ) | - | 5,246 | 3,739 | |||||||||||
Variation in
assets and liabilities
|
||||||||||||||||
Trade
accounts receivables
|
39,173 | 52,254 | 76,491 | 79,101 | ||||||||||||
Inventories
|
(117,182 | ) | 88,996 | (342,805 | ) | 139,812 | ||||||||||
Advances to
suppliers
|
6,575 | 12,463 | 48,173 | 15,359 | ||||||||||||
Taxes
recoverable
|
7,150 | (4,814 | ) | 24,555 | (19,799 | ) | ||||||||||
Trade
accounts payables
|
5,598 | (55,348 | ) | (492 | ) | (159,486 | ) | |||||||||
Salaries
payable
|
(20,544 | ) | (36,135 | ) | (48,002 | ) | (93,059 | ) | ||||||||
Taxes and
social contributions payables
|
6,428 | 1,251 | 8,059 | (8,182 | ) | |||||||||||
Derivative
financial instruments
|
7,631 | (65,009 | ) | 20,375 | (65,009 | ) | ||||||||||
Other
liabilities
|
(18,182 | ) | 14,724 | 46,899 | (29,483 | ) | ||||||||||
Net
cash provided by (used in) operating activities
|
(52,940 | ) | 230,205 | (30,143 | ) | 5,842 | ||||||||||
Cash
flows from investments activities
|
||||||||||||||||
Investments,
net of cash received
|
(29,471 | ) | (934,192 | ) | (14,732 | ) | (1,533,708 | ) | ||||||||
Acquisition
of property, plant and equipment
|
(53,944 | ) | (50,888 | ) | (400,983 | ) | (432,389 | ) | ||||||||
Others
|
203 | 33,316 | 1,783 | 331,441 | ||||||||||||
Net
cash used in investments activities
|
(83,212 | ) | (1,127,956 | ) | (413,932 | ) | (1,634,656 | ) |
Parent
Company
|
Consolidated
|
|||||||||||||||
December
31, 2009
|
January
31,
2009
|
December
31, 2009
|
January
31,
2009
|
|||||||||||||
Cash
flows from financial activities
|
||||||||||||||||
Capital
increase
|
532,406 | - | 532,406 | - | ||||||||||||
Loans and
financing
|
1,136,396 | 1,108,706 | 1,665,512 | 1,196,368 | ||||||||||||
Amortization
of principal and interest on loans and financing, advances from
customers.
|
(1,335,786 | ) | (52,918 | ) | (1,838,413 | ) | (148,307 | ) | ||||||||
Related
parties
|
136,382 | (163,973 | ) | - | (5,903 | ) | ||||||||||
Net
cash provided by financing activities
|
469,398 | 891,815 | 359,505 | 1,042,158 | ||||||||||||
Net
cash increase (decrease) in cash and cash equivalents
|
333,246 | 170,256 | (84,570 | ) | (586,656 | ) | ||||||||||
Cash
and cash equivalents at the beginning of the period
|
177,599 | 319,216 | 948,647 | 1,276,308 | ||||||||||||
Cash
and cash equivalents at the end of the period
|
510,845 | 489,472 | 864,077 | 689,652 | ||||||||||||
Parent
Company
|
Consolidated
|
|||||||||||||||
December
31, 2009
|
January
31,
2009
|
December
31,
2009
|
January
31,
2009
|
|||||||||||||
Cash
flows from operating activities
|
||||||||||||||||
Net income
(loss) for the period
|
677,765 | (433,606 | ) | 677,765 | (433,606 | ) | ||||||||||
Adjustments
to reconcile net income (loss) for the period to cash provided by or used
in operating activities
|
||||||||||||||||
Depreciation
and amortization
|
162,957 | 160,607 | 476,393 | 405,180 | ||||||||||||
Losses
(earnings) on equity investments
|
(411,162 | ) | 166,858 | 12,885 | (13,458 | ) | ||||||||||
Net book
value of long lived assets disposed of
|
(84 | ) | (31,625 | ) | (101,284 | ) | (323,759 | ) | ||||||||
Goodwill
amortization
|
- | 49,465 | 85,589 | 145,949 | ||||||||||||
Deferred
income and social contribution taxes
|
146,027 | (101,836 | ) | 269,460 | (167,951 | ) | ||||||||||
Set-up
(reversal) of provision for legal claims. net
|
(1,283 | ) | 12,410 | 7,519 | 19,591 | |||||||||||
Minority
interest
|
- | - | (8,327 | ) | (929 | ) | ||||||||||
Recognized
granted shares
|
8,467 | - | 8,467 | - | ||||||||||||
Gain from Law
11,941/MP 470
|
(79,433 | ) | - | (211,649 | ) | - | ||||||||||
Interest,
monetary and exchange variation, net
|
(288,900 | ) | 535,092 | (419,670 | ) | 843,534 | ||||||||||
Others
|
(12,401 | ) | (7,925 | ) | 3,747 | (5,094 | ) | |||||||||
Variation in
assets and liabilities
|
||||||||||||||||
Trade
accounts receivables
|
44,143 | (6,822 | ) | 165,321 | 87,234 | |||||||||||
Inventories
|
(203,653 | ) | (292,447 | ) | (503,179 | ) | (721,001 | ) | ||||||||
Advances to
suppliers
|
(35,523 | ) | (22,525 | ) | (7,870 | ) | (61,767 | ) | ||||||||
Taxes
recoverable
|
(20,162 | ) | (22,899 | ) | (8,899 | ) | (50,679 | ) | ||||||||
Trade
accounts payables
|
84,873 | 81,621 | 96,225 | 139,459 | ||||||||||||
Salaries
payable
|
11,156 | (8,452 | ) | 21,953 | (30,797 | ) | ||||||||||
Taxes and
social contributions payables
|
12,370 | (13,181 | ) | (45,093 | ) | (36,172 | ) | |||||||||
Derivative
financial instruments
|
(58,607 | ) | 76,220 | (43,393 | ) | 76,220 | ||||||||||
Other
assets/liabilities, net
|
(24,120 | ) | 17,162 | 36,207 | (63,148 | ) | ||||||||||
Net
cash used in operating activities
|
12,430 | 158,117 | 512,167 | (191,194 | ) | |||||||||||
Cash
flows from investments activities
|
||||||||||||||||
Investments,
net of cash received
|
(48,715 | ) | (1,801,421 | ) | 14,642 | (1,595,851 | ) | |||||||||
Acquisition
of property. plant and equipment
|
(139,394 | ) | (145,150 | ) | (1,180,696 | ) | (1,011,535 | ) | ||||||||
Cash received
on sale of investment
|
512 | 33,640 | 120,964 | 332,412 | ||||||||||||
Net
cash provided by (used in) investments activities
|
(187,597 | ) | (1,912,931 | ) | (1,045,090 | ) | (2,274,974 | ) |
Parent
Company
|
Consolidated
|
||||||||||||||||
December
31,
2009
|
January
31,
2009
|
December
31, 2009
|
January
31,
2009
|
||||||||||||||
Cash
flows from financial activities
|
|||||||||||||||||
Capital
increase
|
533,780 | 880,000 | 533,780 | 883,476 | |||||||||||||
Purchase of
treasury stocks
|
- | (4,186 | ) | - | (4,186 | ) | |||||||||||
Loans and
financing
|
1,188,635 | 1,232,532 | 2,884,171 | 1,515,144 | |||||||||||||
Amortization
of principal and interest on loans and financing, advances from
customers
|
(1,516,692 | ) | (114,103 | ) | (2,283,521 | ) | (242,799 | ) | |||||||||
Related
parties
|
91,563 | (675,114 | ) | (456,786 | ) | (5,903 | ) | ||||||||||
Dividends
paid
|
- | - | - | - | |||||||||||||
Net
cash provided by (used in) financing activities
|
297,286 | 1,319,129 | 677,644 | 2,145,732 | |||||||||||||
Net
cash increase (decrease) in cash and cash equivalents
|
122,119 | (435,685 | ) | 144,721 | (320,436 | ) | |||||||||||
Cash
and cash equivalents at the beginning of the period
|
388,726 | 1,244,373 | 719,356 | 1,010,088 | |||||||||||||
Cash
and cash equivalents at the end of the period
|
510,845 | 808,688 | 864,077 | 689,652 |
Capital
|
Treasury
shares
|
Capital
Reserves
|
Accumulated
losses
|
Currency
translation adjustment
|
Total
|
|||||||||||||||||||
Balances as
of September 30, 2009
|
4,155,316 | (4,186 | ) | 54,384 | 14,958 | - | 4,220,472 | |||||||||||||||||
Capital
increase
|
532,406 | 532,406 | ||||||||||||||||||||||
Recognized
granted shares
|
(76 | ) | (76 | ) | ||||||||||||||||||||
Currency
translation adjustments
|
(2,956 | ) | (2,956 | ) | ||||||||||||||||||||
Net income
for the period
|
167,129 | 167,129 | ||||||||||||||||||||||
Balances as
of December 31, 2009
|
4,687,722 | (4,186 | ) | 54,308 | 182,087 | (2,956 | ) | 4,916,975 |
Capital
|
Treasury
shares
|
Capital
Reserves
|
Accumulated
losses
|
Currency
translation adjustment
|
Total
|
|||||||||||||||||||
Balances as
of March 31, 2009
|
3,819,770 | (4,186 | ) | 45,841 | (495,678 | ) | - | 3,365,747 | ||||||||||||||||
Capital
increase
|
867,952 | 867,952 | ||||||||||||||||||||||
Recognized
granted shares
|
8,467 | 8,467 | ||||||||||||||||||||||
Currency
translation adjustments
|
(2,956 | ) | (2,956 | ) | ||||||||||||||||||||
Net income
for the period
|
677,765 | 677,765 | ||||||||||||||||||||||
Balances as
of December 31, 2009
|
4,687,722 | (4,186 | ) | 54,308 | 182,087 | (2,956 | ) | 4,916,975 |
1.
|
Operations
|
2.
|
Basis
of preparation and presentation of the quarterly
information
|
Parent
Company
|
Consolidated
|
|||||||||||||||
11/01/08
to 01/31/09
|
05/01/08
to 01/31/09
|
11/01/08
to 01/31/09
|
05/01/08
to 01/31/09
|
|||||||||||||
Balances
before the amendments from Laws No. 11,638/07 and
11,941/09
|
5,208 | (433,606 | ) | 5,208 | (433,606 | ) | ||||||||||
Lease– CPC
06
|
2,032 | 2,186 | 2,032 | 2,186 | ||||||||||||
Shares
issuance costs – CPC 08
|
- | - | (22,059 | ) | - | |||||||||||
Recorded
stock options grants – CPC 10
|
(3,646 | ) | (10,939 | ) | (3,646 | ) | (10,939 | ) | ||||||||
Derivative
financial instruments – CPC 14
|
(184,244 | ) | (135,142 | ) | (184,244 | ) | (135,142 | ) | ||||||||
Deferred
income tax and social contribution on temporary
adjustments
|
61,952 | 45,205 | 69,452 | 45,205 | ||||||||||||
Equity
investment adjustments effect
|
(2,755 | ) | - | - | - | |||||||||||
Minority
Shareholders’ portion
|
- | - | 11,804 | - | ||||||||||||
(126,661 | ) | (98,690 | ) | (126,661 | ) | (98,690 | ) | |||||||||
Balances
adjusted to the amendments from Laws No. 11,638/07 and
11,941/09
|
(121,453 | ) | (532,296 | ) | (121,453 | ) | (532,296 | ) |
2.
|
Basis
of preparation and presentation of the quarterly information
(Continued)
|
3.
|
Summary
of significant accounting practices
|
3.
|
Summary of
significant accounting practices
(Continued)
|
Direct
and indirect interest as of
|
||||||||
12/31/09
|
09/30/09
|
|||||||
Administração
de Participações Aguassanta Ltda.
|
91.5 | % | 91.5 | % | ||||
Cosan
Açúcar e Álcool S.A (1)
|
99.6 | % | 99.6 | % | ||||
Águas
da Ponte Alta S.A.
|
99.6 | % | 99.6 | % | ||||
Vale
da Ponte Alta S.A.
|
99.6 | % | 99.6 | % | ||||
Agrícola
Ponte Alta S.A.
|
99.6 | % | 99.6 | % | ||||
Cosan
Centroeste S.A. Açúcar e Álcool
|
99.6 | % | 99.6 | % | ||||
Barra
Bioenergia S.A.
|
99.6 | % | 99.6 | % | ||||
DaBarra
Alimentos Ltda.
|
99.6 | % | 99.6 | % | ||||
Bonfim
Nova Tamoio – BNT Agrícola Ltda.
|
99.6 | % | 99.6 | % | ||||
Benálcool
Açúcar e Álcool S.A.
|
99.6 | % | 99.6 | % | ||||
Barrapar
Participações Ltda.
|
99.6 | % | 99.6 | % | ||||
Aliança
Indústria e Comercio de açúcar e Álcool S.A.
|
99.6 | % | 99.6 | % | ||||
Cosan
Distribuidora de Combustíveis Ltda.
|
99.9 | % | 99.9 | % | ||||
Cosan
S.A. Bioenergia
|
100.0 | % | 100.0 | % | ||||
Cosan
International Universal Corporation
|
100.0 | % | 100.0 | % | ||||
Cosan
Finance Limited
|
100.0 | % | 100.0 | % | ||||
Grançucar
S.A. Refinadora de Açúcar
|
100.0 | % | 100.0 | % | ||||
Cosan
Combustíveis e Lubrificantes S.A.
|
100.0 | % | 100.0 | % | ||||
Copsapar
Participações S.A.
|
90.0 | % | 90.0 | % | ||||
Novo
Rumo Logística S.A.
|
92.9 | % | 92.9 | % | ||||
Rumo
Logística S.A.
|
92.9 | % | 92.9 | % | ||||
Cosan
Operadora Portuária S.A.
|
92.9 | % | 92.9 | % | ||||
Teaçu
Armazéns Gerais S.A.
|
92.9 | % | 92.9 | % | ||||
Nova
América S.A. – Trading (2)
|
- | 100.0 | % | |||||
Teas
Terminal Exportador de Álcool de Santos S.A. (3)
|
66.7 | % | 40.0 | % | ||||
Cosan
Alimentos S.A. (previously known as Nova América S.A. –
Agroenergia)
|
100.0 | % | 100.0 | % |
|
(1)
|
Previously
known as Usina da Barra S.A. Açúcar e
Álcool;
|
|
(2)
|
Merged into
Cosan Alimentos S.A.; and
|
|
(3)
|
Interest
increase through controlling shareholding acquisition (Note
8).
|
4.
|
Cash
and cash equivalents
|
Parent
Company
|
Consolidated
|
|||||||||||||||
12/31/09
|
09/30/09
|
12/31/09
|
09/30/09
|
|||||||||||||
Cash
|
146 | 144 | 246 | 243 | ||||||||||||
“Overnight” investments
|
- | - | 16,158 | 30,625 | ||||||||||||
Bank checking
accounts
|
12,934 | 16,183 | 57,885 | 64,345 | ||||||||||||
Amounts
pending foreign exchange closing
|
279,025 | 1,582 | 283,871 | 24,659 | ||||||||||||
Marketable
securities
|
218,740 | 159,690 | 505,917 | 828,775 | ||||||||||||
510,845 | 177,599 | 864,077 | 948,647 |
4.
|
Cash
and cash equivalents
(Continued)
|
5.
|
Trade
accounts receivable
|
Parent
Company
|
Consolidated
|
|||||||||||||||
12/31/09
|
09/30/09
|
12/31/09
|
09/30/09
|
|||||||||||||
Domestic
|
24,839 | 26,924 | 528,322 | 577,109 | ||||||||||||
International
|
13,895 | 52,913 | 39,381 | 72,432 | ||||||||||||
(-) Allowance
for doubtful accounts
|
(808 | ) | (842 | ) | (56,603 | ) | (59,873 | ) | ||||||||
37,926 | 78,995 | 511,100 | 589,668 |
6.
|
Inventories
|
Parent
Company
|
Consolidated
|
|||||||||||||||
12/31/09
|
09/30/09
|
12/31/09
|
09/30/09
|
|||||||||||||
Finished
goods:
|
||||||||||||||||
Sugar
|
242,735 | 162,676 | 617,825 | 479,833 | ||||||||||||
Ethanol
|
167,628 | 114,227 | 568,024 | 315,383 | ||||||||||||
Fuels
and lubricants
|
- | - | 292,216 | 243,985 | ||||||||||||
Harvest
costs
|
120,334 | 119,052 | 313,153 | 322,022 | ||||||||||||
Supplies and
other
|
58,325 | 64,623 | 173,470 | 191,180 | ||||||||||||
Provision for
inventory realization and obsolescence
|
(6,322 | ) | (6,861 | ) | (27,897 | ) | (20,881 | ) | ||||||||
582,700 | 453,717 | 1,936,791 | 1,531,522 |
7.
|
Related
parties
|
Assets
|
||||||||||||||||
Parent
Company
|
Consolidated
|
|||||||||||||||
12/31/09
|
09/30/09
|
12/31/09
|
09/30/09
|
|||||||||||||
Cosan Açúcar
e Álcool S.A.
|
39,127 | 219,915 | - | - | ||||||||||||
Cosan
Alimentos S.A.
|
503,144 | 400,916 | - | - | ||||||||||||
Rezende
Barbosa S.A. Administração e Participações
|
- | - | 157,223 | 159,175 | ||||||||||||
Vertical UK
LLP
|
3,717 | 9,801 | 3,747 | 12,974 | ||||||||||||
Other
|
4,253 | 6,546 | 13,535 | 1,285 | ||||||||||||
550,241 | 637,178 | 174,505 | 173,434 | |||||||||||||
Current
|
(550,241 | ) | (637,178 | ) | (24,639 | ) | (21,613 | ) | ||||||||
Noncurrent
|
- | - | 149,866 | 151,821 |
Liabilities
|
||||||||||||||||
Parent
Company
|
Consolidated
|
|||||||||||||||
12/31/09
|
09/30/09
|
12/31/09
|
09/30/09
|
|||||||||||||
Cosan Finance
Limited
|
695,605 | 697,829 | - | - | ||||||||||||
CCL Finance
Limited
|
316,048 | 315,191 | - | - | ||||||||||||
Cosan
Combustíveis e Lubrificantes S.A.
|
52,283 | 50,781 | - | - | ||||||||||||
Nova América
S.A. Agrícola
|
- | - | 25,318 | - | ||||||||||||
Logispot
Armazéns Gerais S.A.
|
- | - | 14,992 | - | ||||||||||||
Other
|
79,549 | 26,882 | 10,146 | 3,838 | ||||||||||||
1,143,485 | 1,090,683 | 50,456 | 3,838 | |||||||||||||
Current
|
(197,143 | ) | (124,286 | ) | (50,456 | ) | (3,838 | ) | ||||||||
Noncurrent
|
946,342 | 966,397 | - | - |
7.
|
Related
parties (Continued)
|
Parent
Company
|
||||||||||||||||
10/01/09
to 12/31/09
|
11/01/08
to 01/31/09
|
10/01/09
to 12/31/09
|
11/01/08
to 01/31/09
|
|||||||||||||
Transactions
involving assets
|
||||||||||||||||
Remittance of
financial resources. Net of receipts and credit
assignments
|
15,543 | 25,630 | 692,831 | 593,846 | ||||||||||||
Transfer of
advances for future capital increase to investments
|
- | (1,396,202 | ) | - | (1,396,202 | ) | ||||||||||
Sale of
finished goods and services (1)
|
45,017 | 46,818 | 109,028 | 113,688 | ||||||||||||
Purchase of
finished goods and services (1)
|
(167,794 | ) | (32,732 | ) | (531,686 | ) | (182,191 | ) | ||||||||
Sale of
finished goods and services to related parties
|
11,319 | 36,539 | 66,722 | 81,170 | ||||||||||||
Sale of
properties to related company
|
- | 32,337 | - | 32,337 | ||||||||||||
Financial
income
|
8,978 | 200,764 | 17,027 | 248,849 | ||||||||||||
(86,937 | ) | (1,086,846 | ) | 353,922 | (508,503 | ) | ||||||||||
Transactions
involving liabilities
|
||||||||||||||||
Proceeds
received as financial resources, net of payments
|
54,169 | (83,797 | ) | 124,008 | (72,161 | ) | ||||||||||
Proceedings
from export prepayments
|
- | - | 321,755 | - | ||||||||||||
Financial
expenses (income)
|
(1,367 | ) | 98,481 | (182,230 | ) | 300,782 | ||||||||||
52,802 | 14,684 | 263,533 | 228,621 |
Consolidated
|
||||||||||||||||
10/01/09
to 12/31/09
|
11/01/08
to 01/31/09
|
10/01/09
to 12/31/09
|
11/01/08
to 01/31/09
|
|||||||||||||
Transactions
involving assets
|
||||||||||||||||
Remittance of
financial resources. Net of receipts and credit
assignments
|
(40,317 | ) | (381,009 | ) | (207,332 | ) | (511,138 | ) | ||||||||
Sale of
finished goods and services (1)
|
362,652 | 87,237 | 939,500 | 338,144 | ||||||||||||
Purchase of
finished goods and services (1)
|
(362,652 | ) | (87,237 | ) | (939,500 | ) | (338,144 | ) | ||||||||
Sale of
finished goods and services to related parties
|
41,388 | 69,815 | 185,923 | 212,071 | ||||||||||||
Sale of
properties to related company
|
- | 32,337 | - | 32,337 | ||||||||||||
Sale of
interest to affiliated company
|
- | 286,272 | - | 286,272 | ||||||||||||
Addition by
incorporation
|
- | - | 138,682 | - | ||||||||||||
1,071 | 7,415 | 117,273 | 19,542 | |||||||||||||
Transactions
involving liabilities
|
||||||||||||||||
Payments of
financial resources
|
47,985 | (5,903 | ) | 52,116 | (5,903 | ) | ||||||||||
Payment of
Floating Rate Notes
|
- | 413,158 | (322,333 | ) | 413,158 | |||||||||||
Financial
Income
|
(1,367 | ) | 552 | (78,615 | ) | 552 | ||||||||||
46,618 | 407,807 | (348,832 | ) | 407,807 |
|
(1)
|
It consists of operations carried
out between Cosan’s direct and indirect subsidiaries included in the
consolidation.
|
7.
|
Related
parties (Continued)
|
8.
|
Investments
|
Parent
Company
|
||||||||||||||||||||||||||||||||||||||||
Investee
|
Investor
|
|||||||||||||||||||||||||||||||||||||||
Shareholders’
equity
|
Profit
(loss) of the period
|
Interest
%
|
Investments
|
Earnings
(losses) on equity investments
|
||||||||||||||||||||||||||||||||||||
12/31/09
|
04/01/09
to 12/31/09
|
12/31/09
|
09/30/09
|
12/31/09
|
09/30/09
|
10/01/09
to 12/31/09
|
11/01/08
to 01/31/09
|
04/01/09
to 12/31/09
|
05/01/08
to 01/31/09
|
|||||||||||||||||||||||||||||||
Administração
de Participações Aguassanta Ltda.
|
135,934 | 8,341 | 91.5 | 91.5 | 124,911 | 119,405 | 5,506 | (4,805 | ) | 9,312 | (16,140 | ) | ||||||||||||||||||||||||||||
Cosan Açúcar e
Álcool S.A.
|
2,775,396 | 163,786 | 95.1 | 95.1 | 2,650,059 | 2,533,796 | 116,263 | (46,929 | ) | 197,216 | (157,662 | ) | ||||||||||||||||||||||||||||
Copsapar
Participações S.A.
|
189,589 | (8,331 | ) | 90.0 | 90.0 | 170,629 | 169,226 | 1,403 | 4,265 | (7,499 | ) | 4,265 | ||||||||||||||||||||||||||||
Novo Rumo
Logística S.A.
|
265,368 | (23,487 | ) | 28.8 | 28.8 | 76,479 | 75,848 | 631 | - | 1,599 | ||||||||||||||||||||||||||||||
TEAS -
Terminal Exportador de Álcool de Santos S.A. (2)
|
47,674 | 1,246 | 66.7 | 40.0 | 39,123 | 18,975 | 146 | 152 | 507 | 549 | ||||||||||||||||||||||||||||||
Cosan S.A.
Bioenergia
|
132,754 | (3,534 | ) | 100.0 | 100.0 | 132,754 | 140,093 | (7,339 | ) | (3,277 | ) | (3,534 | ) | (3,998 | ) | |||||||||||||||||||||||||
Radar
Propriedades Agrícolas S.A.
|
812,110 | 13,009 | 18.9 | 18.9 | 153,642 | 151,137 | (441 | ) | 1,080 | 623 | (407 | ) | ||||||||||||||||||||||||||||
Cosan
International Universal Corporation
|
1,030 | (9,033 | ) | 100.0 | 100.0 | 1,030 | 8,992 | (7,817 | ) | 205 | (9,033 | ) | 4,791 | |||||||||||||||||||||||||||
Cosan Finance
Limited
|
23,247 | 1,738 | 100.0 | 100.0 | 23,247 | 23,211 | 517 | 2,675 | 1,738 | 9,477 | ||||||||||||||||||||||||||||||
Cosanpar
Participações S.A. (1)
|
- | - | - | - | - | - | - | (22,596 | ) | 72,212 | (22,596 | ) | ||||||||||||||||||||||||||||
Cosan
Combustíveis e Lubrificantes S.A.
|
1,874,569 | 188,481 | 100.0 | 100.0 | 1,874,543 | 1,844,021 | 30,522 | - | 116,210 | - | ||||||||||||||||||||||||||||||
Cosan
Alimentos S.A.
|
289,849 | 100.0 | 100.0 | 289,849 | 268,587 | 21,262 | - | 45,799 | - | |||||||||||||||||||||||||||||||
Other
investments
|
- | - | - | - | 22,126 | 24,637 | (9,034 | ) | 11,918 | (13,988 | ) | 14,863 | ||||||||||||||||||||||||||||
5,558,392 | 5,377,928 | 151,619 | (57,312 | ) | 411,162 | (166,858 | ) |
|
(1)
|
Company
merged into Cosan CL; and
|
|
(2)
|
The
investment balance on December 31, 2009 includes goodwill from the
acquisition of shares amounting to
R$7,340.
|
Parent
Company
|
Consolidated
|
|||||||
Opening
balances
|
5,377,928 | 196,497 | ||||||
Earnings
(losses) on equity investments
|
151,619 | (9,360 | ) | |||||
Acquisition
of investments
|
22,131 | 25,999 | ||||||
Goodwill on
share acquisition
|
7,340 | - | ||||||
Currency
translation adjustment
|
(626 | ) | - | |||||
Write-off due
to consolidation
|
- | (19,090 | ) | |||||
Closing
balances
|
5,558,392 | 194,046 |
8.
|
Investments
(Continued)
|
8.
|
Investments
(Continued)
|
9.
|
Property,
plant and equipment
|
Parent
Company
|
||||||||||||||||||||
12/31/09
|
09/30/09
|
|||||||||||||||||||
Average
annual depreciation rates (%)
|
Cost
|
Accumulated
depreciation/
amortization
|
Net
|
Net
|
||||||||||||||||
Land
and rural properties
|
- | 59,591 | - | 59,591 | 59,591 | |||||||||||||||
Machinery,
equipment and installations
|
12 | 499,591 | (292,516 | ) | 207,075 | 205,832 | ||||||||||||||
Aircraft
|
10 | 13,395 | (12,562 | ) | 833 | 1,206 | ||||||||||||||
Vehicles
|
22 | 64,152 | (38,544 | ) | 25,608 | 27,280 | ||||||||||||||
Furniture,
fixtures and computer equipment
|
18 | 73,834 | (35,852 | ) | 37,982 | 38,855 | ||||||||||||||
Buildings
and improvements
|
4 | 172,540 | (32,732 | ) | 139,808 | 137,384 | ||||||||||||||
Construction
in progress
|
- | 56,135 | - | 56,135 | 48,137 | |||||||||||||||
Sugarcane
planting costs
|
20 | 437,332 | (222,407 | ) | 214,925 | 219,851 | ||||||||||||||
Parts
and components to be periodically replaced
|
100 | 15,763 | - | 15,763 | 23,289 | |||||||||||||||
1,392,333 | (634,613 | ) | 757,720 | 761,425 |
Consolidated
|
||||||||||||||||||||
12/31/09
|
09/30/09
|
|||||||||||||||||||
Average
annual depreciation rates (%)
|
Cost
|
Accumulated
depreciation/
amortization
|
Net
|
Net
|
||||||||||||||||
Land
and rural properties
|
- | 207,596 | - | 207,596 | 206,802 | |||||||||||||||
Machinery,
equipment and installations
|
11 | 2,918,049 | (1,495,201 | ) | 1,422,848 | 1,249,821 | ||||||||||||||
Aircraft
|
10 | 18,822 | (12,657 | ) | 6,165 | 1,905 | ||||||||||||||
Vehicles
|
19 | 232,650 | (140,763 | ) | 91,887 | 85,115 | ||||||||||||||
Furniture,
fixtures and computer equipment
|
18 | 179,227 | (114,845 | ) | 64,382 | 66,110 | ||||||||||||||
Buildings
and improvements
|
4 | 1,034,862 | (310,234 | ) | 724,628 | 710,360 | ||||||||||||||
Construction
in progress
|
- | 1,525,414 | - | 1,525,414 | 1,402,247 | |||||||||||||||
Sugarcane
planting costs
|
20 | 1,352,829 | (672,962 | ) | 679,867 | 704,337 | ||||||||||||||
Parts
and components to be periodically replaced
|
100 | 75,262 | (34,549 | ) | 40,713 | 69,364 | ||||||||||||||
Advances
for fixed asset purchases
|
- | 91,558 | - | 91,558 | 158,147 | |||||||||||||||
Others
|
10 | 27,552 | (11,076 | ) | 16,476 | 17,165 | ||||||||||||||
7,663,821 | (2,792,287 | ) | 4,871,534 | 4,671,373 |
10.
|
Intangible
assets
|
|
Refers mainly
to goodwill paid for expected future profitability, amortized on a
straight-line basis over 5 to 10 years until March 31, 2009, as set forth
in CPC Technical Pronouncement No. 13, approved by CVM Resolution Nº 565,
of December 17, 2008. At December 31, 2009 and September 30, 2009, the
balances are as follows:
|
Parent
Company
|
||||||||||||||||
12/31/09
|
09/30/09
|
|||||||||||||||
Cost
|
Accumulated
amortization
|
Net
|
Net
|
|||||||||||||
Goodwill on
the acquisition of JVM Participações S.A.
|
63,720 | (53,100 | ) | 10,620 | 10,620 | |||||||||||
Goodwill on
the acquisition of Grupo Mundial
|
127,953 | (40,518 | ) | 87,435 | 87,435 | |||||||||||
Goodwill on
the payment of capital of Mundial
|
21,142 | (6,342 | ) | 14,800 | 14,800 | |||||||||||
Goodwill on
the acquisition of Corona (ABC 125 and ABC 126)
|
267,824 | (84,811 | ) | 183,013 | 183,013 | |||||||||||
Goodwill on
the acquisition of Usina Açucareira Bom Retiro S.A.
|
115,165 | (33,590 | ) | 81,575 | 81,575 | |||||||||||
Goodwill on
the incorporation of Curupay (Cosan Alimentos)
|
18,194 | - | 18,194 | 18,194 | ||||||||||||
613,998 | (218,361 | ) | 395,637 | 395,637 |
Consolidated
|
||||||||||||||||
12/31/09
|
09/30/09
|
|||||||||||||||
Cost
|
Accumulated
amortization
|
Net
|
Net
|
|||||||||||||
Goodwill on
the acquisition of JVM Participações S.A.
|
63,720 | (53,100 | ) | 10,620 | 10,620 | |||||||||||
Goodwill on
the acquisition of Cosan Açúcar e Álcool
|
35,242 | (34,684 | ) | 558 | 558 | |||||||||||
Goodwill on
the constitution of FBA
|
22,992 | (18,585 | ) | 4,407 | 4,407 | |||||||||||
Goodwill on
the acquisition of Univalem S.A. Açúcar e Álcool
|
24,118 | (19,100 | ) | 5,018 | 5,018 | |||||||||||
Goodwill on
the acquisition of Grupo Destivale
|
69,918 | (27,424 | ) | 42,494 | 42,494 | |||||||||||
Goodwill on
the acquisition of Grupo Mundial
|
127,953 | (40,518 | ) | 87,435 | 87,435 | |||||||||||
Goodwill on
the payment of capital of Mundial
|
21,142 | (6,342 | ) | 14,800 | 14,800 | |||||||||||
Goodwill on
the acquisition of Corona
|
818,831 | (255,815 | ) | 563,016 | 563,016 | |||||||||||
Goodwill on
the acquisition of Usina Açucareira Bom Retiro S.A.
|
115,165 | (33,590 | ) | 81,575 | 81,575 | |||||||||||
Goodwill on
the acquisition of Usina Santa Luiza
|
47,053 | (4,705 | ) | 42,348 | 42,348 | |||||||||||
Goodwill on
the acquisition of Benálcool
|
167,300 | (18,053 | ) | 149,247 | 149,247 | |||||||||||
Goodwill on
the acquisition of Aliança
|
1,860 | - | 1,860 | 1,860 | ||||||||||||
Goodwill on
the acquisition of Cosan CL (1)
|
1,497,971 | (134,395 | ) | 1,363,576 | 1,342,914 | |||||||||||
Goodwill on
the acquisition of Teaçu (2)
|
66,968 | - | 66,968 | 66,968 | ||||||||||||
Goodwill on
the incorporation of Curupay (Cosan Alimentos) (3)
|
18,194 | - | 18,194 | 18,194 | ||||||||||||
Goodwill on
the acquisition of Açúcar União trade mark (4)
|
74,832 | (57,371 | ) | 17,461 | 17,461 | |||||||||||
Goodwill on
the acquisition of Destilaria Paraguaçu (4)
|
166,656 | - | 166,656 | 166,656 | ||||||||||||
Goodwill on
the subscription of shares of Nova América (4)
|
121,893 | - | 121,893 | 121,893 | ||||||||||||
Goodwill on
the subscription of shares of TEAS (5)
|
7,340 | - | 7,340 | - | ||||||||||||
3,469,148 | (703,682 | ) | 2,765,466 | 2,737,464 |
|
(1)
|
As mentioned
in Note 8, on June 17, 2009 Cosanpar sold to Shell its equity interest in
Jacta, fully realizing the R$85,589 goodwill on that
investment.
|
|
(2)
|
Goodwill
generated in the ports integration of groups Cosan and Rezende Barbosa,
described in note 8.
|
|
(3)
|
As mentioned
in Note 8, in the business combination between groups Cosan and Rezende
Barbosa, through the incorporation of Curupay, the Company recorded a
R$18,194 goodwill.
|
|
(4)
|
As mentioned
in Note 8, goodwill incorporated on business
combination.
|
|
(5)
|
Goodwill from
interest increase, as per Note
8.
|
11.
|
Taxes
and social contributions payable
|
Parent
Company
|
Consolidated
|
|||||||||||||||
12/31/09
|
09/30/09
|
12/31/09
|
09/30/09
|
|||||||||||||
ICMS – State
VAT
|
3 | 15,875 | 21,755 | 63,920 | ||||||||||||
IPI
|
252 | 486 | 25,371 | 29,339 | ||||||||||||
INSS – Social
Security
|
4,870 | 5,969 | 16,129 | 19,950 | ||||||||||||
PIS – Social
Integration Program
|
390 | 364 | 4,544 | 4,229 | ||||||||||||
COFINS –
Social Security Financing
|
1,795 | 1,675 | 20,828 | 20,667 | ||||||||||||
Installment
payments – Law 11,941/09 and MP 470
|
67,797 | 10,675 | 314,673 | 25,803 | ||||||||||||
Tax Recovery
Program – REFIS
|
- | - | - | 222,462 | ||||||||||||
Special Tax
Payment Program – PAES
|
- | 50,427 | 436 | 82,028 | ||||||||||||
Income and
social contribution taxes payable
|
1,974 | 1,965 | 29,218 | 34,627 | ||||||||||||
Other
|
7,453 | 5,874 | 23,740 | 16,750 | ||||||||||||
84,534 | 93,310 | 456,694 | 519,775 | |||||||||||||
Current
liabilities
|
(24,393 | ) | (44,832 | ) | (200,979 | ) | (230,925 | ) | ||||||||
Noncurrent
liabilities
|
60,141 | 48,478 | 255,715 | 288,850 |
Parent
Company
|
Consolidated
|
|||||||||||||||
12/31/09
|
09/30/09
|
12/31/09
|
09/30/09
|
|||||||||||||
13 to 24
months
|
8,865 | 15,004 | 36,527 | 56,958 | ||||||||||||
25 to 36
months
|
7,138 | 14,232 | 34,745 | 55,865 | ||||||||||||
37 to 48
months
|
4,409 | 10,422 | 31,182 | 49,356 | ||||||||||||
49 to 60
months
|
4,213 | 4,188 | 30,734 | 36,851 | ||||||||||||
61 to 72
months
|
4,187 | 1,026 | 26,325 | 33,109 | ||||||||||||
73 to 84
months
|
4,187 | 1,026 | 20,139 | 31,791 | ||||||||||||
85 to 96
months
|
3,811 | 1,026 | 15,690 | 16,163 | ||||||||||||
Thereafter
|
23,331 | 1,554 | 60,373 | 8,757 | ||||||||||||
60,141 | 48,478 | 255,715 | 288,850 |
11.
|
Taxes
and social contributions payable
(Continued)
|
12/31/09
|
||||||||
Parent
Company
|
Consolidated
|
|||||||
Taxes and
social contributions payable
|
153,394 | 572,944 | ||||||
Tax claims
with risk deemed as probable
|
165,897 | 390,260 | ||||||
Liabilities
with third-parties
|
- | (24,047 | ) | |||||
Legal
deductions
|
(85,754 | ) | (201,319 | ) | ||||
233,537 | 737,838 | |||||||
Reversal of
original provisions (*)
|
(79,433 | ) | (211,649 | ) | ||||
Deferred
income and social contribution taxes
|
(85,554 | ) | (203,904 | ) | ||||
Payments
after adhesion to installment program
|
(1,550 | ) | (11,187 | ) | ||||
Interest
|
797 | 3,575 | ||||||
Outstanding
balance
|
67,797 | 314,673 |
12.
|
Income
and social contribution taxes
|
|
a)
|
Reconciliation of
income and social contribution tax
expenses:
|
Parent
Company
|
||||||||||||||||
10/01/09
to 12/31/09
|
11/01/08
to 01/31/09
|
04/01/09
to 12/31/09
|
05/01/08
to 01/31/09
|
|||||||||||||
Income (loss)
before income and social contribution taxes
|
174,806 | 66,621 | 823,792 | (543,134 | ) | |||||||||||
Income and
Social Contribution taxes at nominal rate (34%)
|
(59,434 | ) | (22,651 | ) | (280,089 | ) | 184,666 | |||||||||
Adjustments
to calculate effective rate:
|
||||||||||||||||
Earnings
(losses) on equity investments
|
51,550 | (19,486 | ) | 139,795 | (56,732 | ) | ||||||||||
Non-deductible
goodwill amortization
|
- | (569 | ) | - | (1,707 | ) | ||||||||||
Non-deductible
donations and contributions
|
(801 | ) | (149 | ) | (1,676 | ) | (1,744 | ) | ||||||||
Recognized
granted shares
|
26 | - | (2,879 | ) | - | |||||||||||
Tax effect of
the adhesion to the installment program of Law No 11,941/2009 and MP
470
|
(836 | ) | - | (836 | ) | - | ||||||||||
Taxable
income assessed in subsidiaries abroad
|
- | (11,545 | ) | - | (11,545 | ) | ||||||||||
Revaluation
reserve realization
|
- | (7,429 | ) | - | (7,429 | ) | ||||||||||
Inventory
loss and differences
|
(49 | ) | (15 | ) | (329 | ) | 409 | |||||||||
Other
|
1,867 | 431 | (13 | ) | 3,610 | |||||||||||
Total current
and deferred taxes
|
(7,677 | ) | (61,413 | ) | (146,027 | ) | 109,528 | |||||||||
Effective
rate
|
4.39 | % | 92.19 | % | 17.73 | % | - |
12.
|
Income
and social contribution taxes
(Continued)
|
|
a)
|
Reconciliation of
income and social contribution tax expenses:
(Continued)
|
Consolidated
|
||||||||||||||||
10/01/09
to 12/31/09
|
11/01/08
to 01/31/09
|
04/01/09
to 12/31/09
|
05/01/08
to 01/31/09
|
|||||||||||||
Income (loss)
before income and social contribution taxes
|
253,044 | 58,450 | 1,016,411 | (609,565 | ) | |||||||||||
Income and
Social Contribution taxes at nominal rate (34%)
|
(86,035 | ) | (19,873 | ) | (345,580 | ) | 207,252 | |||||||||
Adjustments
to calculate effective rate:
|
||||||||||||||||
Earnings
(losses) on equity investments
|
(3,182 | ) | 4,607 | (4,381 | ) | 4,576 | ||||||||||
Non-deductible
goodwill amortization
|
- | (1,415 | ) | - | (4,245 | ) | ||||||||||
Non-deductible
donations and contributions
|
(1,402 | ) | (293 | ) | (2,711 | ) | (2,576 | ) | ||||||||
Recognized
granted shares
|
26 | - | (2,879 | ) | - | |||||||||||
Tax effect in
the adhesion to the installment program of Law No 11.941/2009 and
MP470
|
493 | - | 493 | - | ||||||||||||
Taxable
income assessed in subsidiaries abroad
|
- | (11,545 | ) | - | (11,545 | ) | ||||||||||
Revaluation
reserve realization
|
- | (27,203 | ) | - | (27,203 | ) | ||||||||||
Inventory
loss and differences
|
22 | (12 | ) | (1,311 | ) | 777 | ||||||||||
Other
|
4,821 | 2,449 | 9,396 | 7,994 | ||||||||||||
Total current
and deferred taxes
|
(85,257 | ) | (53,285 | ) | (346,973 | ) | 175,030 | |||||||||
Effective
rate
|
33.69 | % | 91.16 | % | 34.14 | % | - |
|
b)
|
Deferred income and
social contribution tax
assets:
|
Parent
Company
|
||||||||||||||||||||
12/31/09
|
09/30/09
|
|||||||||||||||||||
Base
|
IRPJ
25%
|
CSSL
9%
|
Total
|
Total
|
||||||||||||||||
Provision for
judicial demands and other temporary differences (1)
|
256,560 | 64,140 | 23,090 | 87,230 | 119,075 | |||||||||||||||
Foreign
exchange variation
|
(534,107 | ) | (133,527 | ) | (48,069 | ) | (181,596 | ) | (170,246 | ) | ||||||||||
Income tax
losses
|
293,000 | 73,250 | - | 73,250 | 109,942 | |||||||||||||||
Social
contribution tax losses
|
293,102 | - | 26,380 | 26,380 | 39,589 | |||||||||||||||
Deferred
taxes - noncurrent assets
|
3,863 | 1,401 | 5,264 | 98,360 |
Consolidated
|
||||||||||||||||||||
12/31/09
|
09/30/09
|
|||||||||||||||||||
Base
|
IRPJ
25%
|
CSSL
9%
|
Total
|
Total
|
||||||||||||||||
Provision for
judicial demands and other temporary differences (1)
|
1,162,138 | 290,535 | 104,592 | 395,127 | 485,718 | |||||||||||||||
Foreign
exchange variation
|
(630,751 | ) | (157,688 | ) | (56,768 | ) | (214,456 | ) | (204,815 | ) | ||||||||||
Income tax
losses
|
534,045 | 133,511 | - | 133,511 | 233,508 | |||||||||||||||
Social
contribution tax losses
|
546,521 | - | 49,187 | 49,187 | 85,184 | |||||||||||||||
Deferred
taxes
|
266,358 | 97,011 | 363,369 | 599,595 | ||||||||||||||||
Current
assets
|
(29,155 | ) | (48,108 | ) | ||||||||||||||||
Noncurrent
assets
|
334,214 | 551,487 |
12.
|
Income
and social contribution taxes
(Continued)
|
|
b)
|
Deferred income and
social contribution tax assets:
(Continued)
|
Parent
Company
|
Consolidated
|
|||||||||||||||
12/31/09
|
09/30/09
|
12/31/09
|
09/30/09
|
|||||||||||||
2011
|
48 | 901 | 15,986 | 27,233 | ||||||||||||
2012
|
566 | 10,580 | 36,341 | 59,868 | ||||||||||||
2013
|
1,199 | 22,395 | 62,216 | 102,496 | ||||||||||||
2014
|
1,674 | 31,281 | 83,546 | 137,635 | ||||||||||||
From 2015 to
2017
|
1,441 | 26,929 | 91,964 | 151,502 | ||||||||||||
From 2018 to
2019
|
336 | 6,274 | 44,161 | 72,753 | ||||||||||||
5,264 | 98,360 | 334,214 | 551,487 |
13.
|
Loans
and financing
|
Financial
charge (1)
|
Parent
Company
|
Consolidated
|
|
Collaterals
(2)
|
||||||||||||||||||||||||||||
Purpose
|
Index
|
Annual
average interest rate
|
12/31/09
|
9/30/09
|
12/31/09
|
9/30/09
|
Final
maturity
|
12/31/09
|
9/30/09
|
|||||||||||||||||||||||
Senior Notes
Due 2009
|
Dollar
(US)
|
9.0%
interest
|
- | 66,399 | - | 66,399 |
November/2009
|
-
|
- | |||||||||||||||||||||||
Senior Notes
Due 2014
|
Dollar
(US)
|
9.5%
interest
|
- | - | 632,256 | 629,969 |
August/2014
|
- | - | |||||||||||||||||||||||
Senior Notes
Due 2017
|
Dollar
(US)
|
7.0%
interest
|
- | - | 716,659 | 719,400 |
February/2017
|
- | - | |||||||||||||||||||||||
Perpetual
bonuses
|
Dollar
(US)
|
8.3%
interest
|
792,775 | 809,575 | 792,775 | 809,575 | - | - | - | |||||||||||||||||||||||
IFC
|
Dollar
(US)
|
7.4%
interest
|
90,937 | 82,957 | 90,937 | 82,957 |
January/2013
|
Chattel
mortgage
|
Chattel
mortgage
|
|||||||||||||||||||||||
Pre-shipment
export finance (ACC)
|
Dollar
(US)
|
7.6%
interest
|
200,972 | 53,492 | 223,187 | 90,982 |
March/2010
|
- | - | |||||||||||||||||||||||
Commercial
promissory notes
|
DI – Interbank
Deposits
|
3.0%
interest
|
- | 1,233,706 | - | 1,233,706 |
November/2009
|
Chattel
mortgage
|
Chattel
mortgage
|
|||||||||||||||||||||||
Resolution No.
2471
|
IGP-M
|
4.0%
interest
|
96,276 | 96,262 | 586,705 | 593,583 |
December/2020
|
National
Treasury Certificates and mortgage on land
|
National
Treasury Certificates and mortgage on land
|
|||||||||||||||||||||||
|
Change in the
price of corn
|
12.5%
interest
|
121 | 129 | 121 | 129 |
October/2025
|
|
|
|||||||||||||||||||||||
BNDES
(3)
|
Long-term
interest rate (TJLP)
|
2.6%
interest
|
- | - | 844,772 | 714,760 |
January/2022
|
Credit rights
from energy sale agreements
|
Credit rights
from energy sale agreements
|
|||||||||||||||||||||||
Bank Credit
Certificate
|
DI – Interbank
deposits
|
3.9%
interest
|
- | - | 121,060 | 217,443 |
November/2009
|
- | - | |||||||||||||||||||||||
(Subordinated)
debentures
|
DI – Interbank
deposits
|
3.3%
interest
|
- | - | - | 152,556 |
August/2010
|
- | - | |||||||||||||||||||||||
Credit
notes
|
DI – Interbank
deposits
|
2.4%
interest
|
304,213 | - | 334,477 | 134,151 |
September/2011
|
- | - | |||||||||||||||||||||||
|
Dollar
(US)
|
8.8%
interest
|
176,042 | - | 176,042 | 88,766 |
January/2010
|
- | - | |||||||||||||||||||||||
Prepayments
|
DI – Interbank
deposits
|
0.6%
interest
|
- | - | - | 3,041 |
December/2011
|
- | - | |||||||||||||||||||||||
|
Dollar
(US)
|
2.6%
interest
|
- | - | - | 92,043 |
November/2010
|
- | - | |||||||||||||||||||||||
|
Dollar
(US)
|
5.2%
interest
|
524,906 | - | 960,027 | - |
September/2014
|
- | - | |||||||||||||||||||||||
Others
|
Sundry
|
Sundry
|
21,817 | 22,770 | 320,448 | 267,773 |
Sundry
|
Mortgage,
inventories and chattel mortgage of financed assets
|
Mortgage,
inventories and chattel mortgage of financed assets
|
|||||||||||||||||||||||
Expenses with
placement of securities
|
(21,164 | ) | (16,839 | ) | (47,739 | ) | (45,190 | ) |
-
|
- | - | |||||||||||||||||||||
2,186,877 | 2,348,451 | 5,751,709 | 5,852,053 | |||||||||||||||||||||||||||||
Current
|
(479,412 | ) | (444,697 | ) | (892,636 | ) | (1,184,658 | ) | ||||||||||||||||||||||||
Non-current
|
1,707,465 | 1,903,754 | 4,859,073 | 4,667,395 |
(1)
|
Financial
charges at December 31, 2009, except as otherwise
stated;
|
(2)
|
All loans and
financing are backed by promissory notes and guarantees
provided by the Company and its subsidiaries and by majority shareholders,
plus the aforesaid security interest;
and,
|
(3)
|
It comprises
funds raised by the subsidiary Cosan S.A. Bioenergia and indirect
controlled subsidiary Cosan Centroeste S.A. Açúcar e Álcool earmarked for
the financing of co-generation projects and
Greenfields.
|
13.
|
Loans
and financing
(Continued)
|
Parent
Company
|
Consolidated
|
|||||||||||||||
12/31/09
|
09/30/09
|
12/31/09
|
09/30/09
|
|||||||||||||
13 to 24
months
|
326,037 | 945,416 | 586,001 | 1,143,290 | ||||||||||||
25 to 36
months
|
501,554 | 17,331 | 718,163 | 158,933 | ||||||||||||
37 to 48
months
|
811 | 44,002 | 214,724 | 127,260 | ||||||||||||
49 to 60
months
|
8 | 1,251 | 194,179 | 705,295 | ||||||||||||
61 to 72
months
|
8 | 8 | 84,696 | 74,686 | ||||||||||||
73 to 84
months
|
8 | 8 | 82,302 | 69,444 | ||||||||||||
85 to 96
months
|
8 | 8 | 776,941 | 779,817 | ||||||||||||
Thereafter
|
879,031 | 895,730 | 2,202,067 | 1,608,670 | ||||||||||||
1,707,465 | 1,903,754 | 4,859,073 | 4,667,395 |
13.
|
Loans
and financing
(Continued)
|
13.
|
Loans
and financing
(Continued)
|
14.
|
Provision
for legal liabilities
|
Parent
Company
|
Consolidated
|
|||||||||||||||
12/31/09
|
09/30/09
|
12/31/09
|
09/30/09
|
|||||||||||||
Tax
|
68,922 | 232,609 | 780,663 | 1,170,140 | ||||||||||||
Civil and
labor
|
20,789 | 20,441 | 156,989 | 154,337 | ||||||||||||
89,711 | 253,050 | 937,652 | 1,324,477 | |||||||||||||
Judicial
deposits
|
(13,280 | ) | (13,272 | ) | (182,002 | ) | (181,100 | ) | ||||||||
76,431 | 239,778 | 755,650 | 1,143,377 |
Parent
Company
|
Consolidated
|
|||||||||||||||
Description
|
12/31/09
|
09/30/09
|
12/31/09
|
09/30/09
|
||||||||||||
Premium
credit – IPI
|
- | 150,752 | - | 276,722 | ||||||||||||
PIS and
Cofins
|
6,924 | 17,704 | 138,274 | 147,905 | ||||||||||||
IPI credits
(NT)
|
- | - | 5,062 | 95,031 | ||||||||||||
Contribution
to IAA
|
- | - | 78,063 | 86,413 | ||||||||||||
IPC-89
|
- | - | 85,348 | 84,154 | ||||||||||||
Finsocial
|
- | - | 170,796 | 168,556 | ||||||||||||
IPI – Federal
VAT
|
8,653 | 9,711 | 95,331 | 61,201 | ||||||||||||
ICMS
credits
|
16,143 | 15,697 | 57,882 | 57,216 | ||||||||||||
Income tax
and social contribution
|
3,697 | 5,377 | 42,963 | 44,291 | ||||||||||||
Others
|
33,505 | 33,368 | 106,944 | 148,651 | ||||||||||||
68,922 | 232,609 | 780,663 | 1,170,140 |
14.
|
Provision
for judicial demands
(Continued)
|
Parent
Company
|
Consolidated
|
|||||||||||||||
Description
|
12/31/09
|
09/30/09
|
12/31/09
|
09/30/09
|
||||||||||||
ICMS – State
VAT
|
28,804 | 26,986 | 235,587 | 182,610 | ||||||||||||
IAA – Sugar
and Ethanol Institute
|
- | - | 74,115 | 73,887 | ||||||||||||
Withholding
income tax
|
165,464 | 164,267 | 165,509 | 164,313 | ||||||||||||
IPI – Federal
VAT
|
16,214 | 15,842 | 303,646 | 301,438 | ||||||||||||
INSS
|
11 | 11 | 2,172 | 2,140 | ||||||||||||
PIS/Cofins
|
11,539 | 11,385 | 57,686 | 36,691 | ||||||||||||
Civil and
labor
|
39,439 | 38,841 | 237,209 | 240,221 | ||||||||||||
Others
|
30,115 | 38,571 | 85,334 | 141,601 | ||||||||||||
291,586 | 295,903 | 1,161,258 | 1,142,901 |
|
i)
|
Accounts
receivable from Federal
Government
|
14.
|
Provision
for judicial demands
(Continued)
|
|
i)
|
Accounts
receivable from Federal Government
(Continued)
|
15.
|
Shareholders’
equity
|
a)
|
Capital
|
15.
|
Shareholders’
equity (Continued)
|
|
a)
|
Capital
(Continued)
|
|
b)
|
Treasury
shares
|
|
c)
|
Recorded granted
shares
|
15.
|
Shareholders’
equity (Continued)
|
|
d)
|
Share subscription
warrants
|
16.
|
Management
compensation
|
17.
|
Financial
income (expenses), net
|
Parent
Company
|
||||||||||||||||
10/01/09
to 12/31/09
|
11/01/08
to 01/31/09
|
04/01/09
to 12/31/09
|
05/01/08
to 01/31/09
|
|||||||||||||
Financial
expenses
|
||||||||||||||||
Interest
(1)
|
(87,780 | ) | (101,031 | ) | (250,992 | ) | (208,888 | ) | ||||||||
Monetary
variation losses
|
(11,675 | ) | 171 | (27,803 | ) | (5,584 | ) | |||||||||
Exchange
variation losses
|
39,974 | (201,934 | ) | 578,909 | (612,233 | ) | ||||||||||
Results from
derivatives (3)
|
(14,054 | ) | (127,064 | ) | 30,351 | (230,166 | ) | |||||||||
Others
|
(48 | ) | (383 | ) | (244 | ) | (612 | ) | ||||||||
(73,583 | ) | (430,241 | ) | 330,221 | (1,057,483 | ) | ||||||||||
Financial
income
|
||||||||||||||||
Interest
(1)
|
14,628 | (7,591 | ) | 30,439 | 47,045 | |||||||||||
Exchange
variation gains
|
(150 | ) | (54 | ) | (904 | ) | 1,431 | |||||||||
Monetary
variation gains
(2)
|
2,032 | 239,998 | (43,300 | ) | 247,441 | |||||||||||
Results from
derivatives (3)
|
- | 254,164 | - | 407,191 | ||||||||||||
Earnings from
marketable securities
|
2,044 | 7,841 | 15,149 | 40,469 | ||||||||||||
Others
|
66 | 13 | 370 | 98 | ||||||||||||
18,620 | 494,371 | 1,754 | 743,675 | |||||||||||||
(54,963 | ) | 64,130 | 331,975 | (313,808 | ) |
Consolidated
|
||||||||||||||||
10/01/09
to 12/31/09
|
11/01/08
to 01/31/09
|
04/01/09
to 12/31/09
|
05/01/08
to 01/31/09
|
|||||||||||||
Financial
expenses
|
||||||||||||||||
Interest
(1)
|
(192,705 | ) | (142,043 | ) | (451,659 | ) | (287,346 | ) | ||||||||
Monetary
variation losses
|
(17,242 | ) | 804 | (41,890 | ) | (33,900 | ) | |||||||||
Exchange
variation losses
|
24,311 | (204,872 | ) | 534,051 | (620,341 | ) | ||||||||||
Results from
derivatives (3)
|
18,026 | (129,205 | ) | 162,228 | (234,042 | ) | ||||||||||
Others
|
(4,363 | ) | (899 | ) | (5,803 | ) | (1,851 | ) | ||||||||
(171,973 | ) | (476,215 | ) | 196,927 | (1,177,480 | ) | ||||||||||
Financial
income
|
||||||||||||||||
Interest
(1)
|
51,526 | 17,977 | 95,382 | 40,251 | ||||||||||||
Exchange
variation gains
|
1,511 | (348 | ) | 4,791 | 9,291 | |||||||||||
Monetary
variation gains
(2)
|
25,793 | 25,834 | 94,806 | 41,476 | ||||||||||||
Results from
derivatives (3)
|
- | 254,164 | - | 407,191 | ||||||||||||
Earnings from
marketable securities
|
14,134 | 19,357 | 41,705 | 55,017 | ||||||||||||
Others
|
724 | 48 | 426 | 227 | ||||||||||||
93,688 | 317,032 | 237,110 | 553,453 | |||||||||||||
(78,285 | ) | (159,183 | ) | 434,037 | (624,027 | ) |
|
(1)
|
Included in the quarter and
nine-month period ended January 31, 2009 the results from currency and
interest rate swap
contracts;
|
|
(2)
|
Includes
foreign exchange gains (losses) on assets and liabilities denominated in
foreign currency; and
|
|
(3)
|
Includes
results from transactions in futures, options swaps and
NDF.
|
18.
|
Other
net operating income (expenses)
|
Parent
Company
|
||||||||||||||||
10/01/09
to
12/31/09
|
11/01/08
to 01/31/09
|
04/01/09
to 12/31/09
|
05/01/08
to 01/31/09
|
|||||||||||||
Reversal
(Set-up) of provision for legal claims
|
(214 | ) | (6,926 | ) | 1,283 | (12,410 | ) | |||||||||
Gain on sale
of investment interest
|
- | - | 3,052 | - | ||||||||||||
Reversal
(Set-up) of provision for devaluation of permanent equity
interest
|
- | - | - | 3,342 | ||||||||||||
Gain from Law
No 11.941/09 and MP 470/09
|
79,433 | - | 79,433 | - | ||||||||||||
Scrap sales
revenue
|
267 | 319 | 1,072 | 1,538 | ||||||||||||
Rent and
lease income
|
654 | 692 | 2,113 | 2,049 | ||||||||||||
Others
expenses, net
|
(777 | ) | (9,864 | ) | (806 | ) | (8,580 | ) | ||||||||
79,363 | (15,779 | ) | 86,147 | (14,061 | ) |
Consolidated
|
||||||||||||||||
10/01/09
to
12/31/09
|
11/01/08
to 01/31/09
|
04/01/09
to 12/31/09
|
05/01/08
to 01/31/09
|
|||||||||||||
Reversal
(Set-up) of provision for legal claims
|
(4,137 | ) | (6,268 | ) | (7,519 | ) | (32,127 | ) | ||||||||
Gain on sale
of investment interest
|
- | 113,036 | 93,097 | 113,036 | ||||||||||||
Gain on sale
of properties
|
- | 18,399 | 18,399 | |||||||||||||
Loss on
business combination, net
|
- | - | (28,138 | ) | - | |||||||||||
Rent and
lease income
|
1,754 | 1,929 | 5,610 | 5,528 | ||||||||||||
Gain from Law
No 11.941/09 and MP 470/09
|
211,649 | - | 211,649 | - | ||||||||||||
Reversal
(Set-up) of provision for devaluation of permanent equity
interest
|
- | - | - | 3,342 | ||||||||||||
Scrap sales
revenue
|
796 | 631 | 3,455 | 5,403 | ||||||||||||
Others
expenses, net
|
6,950 | (7,501 | ) | 13,862 | 2,546 | |||||||||||
217,012 | 120,226 | 292,016 | 116,127 |
19.
|
Financial
instruments
|
|
a)
|
Risk
management
|
19.
|
Financial
instruments
(Continued)
|
|
a)
|
Risk management
(Continued)
|
Parent
Company
|
Consolidated
|
|||||||||||||||||||||||||||||||
Notional
value
|
Fair
value
|
Notional
value
|
Fair
value
|
|||||||||||||||||||||||||||||
12/31/09
|
09/30/09
|
12/31/09
|
09/30/09
|
12/31/09
|
09/30/09
|
12/31/09
|
09/30/09
|
|||||||||||||||||||||||||
Price
risk
|
||||||||||||||||||||||||||||||||
Commodity
derivatives
|
||||||||||||||||||||||||||||||||
Futures
contracts
|
||||||||||||||||||||||||||||||||
Sale
commitments
|
653,998 | 562,916 | (74,781 | ) | (53,519 | ) | 653,998 | 562,916 | (74,781 | ) | (53,519 | ) | ||||||||||||||||||||
(Sugar price
hedge)
|
||||||||||||||||||||||||||||||||
Sugar purchase
commitments
|
115,291 | 67,912 | 3,377 | 4,319 | 115,291 | 67,912 | 3,377 | 4,319 | ||||||||||||||||||||||||
(Increase in
average price)
|
||||||||||||||||||||||||||||||||
Heating oil
purchase commitments
|
76,076 | 50,813 | 3,879 | 1,288 | 76,076 | 50,813 | 3,879 | 1,288 | ||||||||||||||||||||||||
(Increase in
average price)
|
||||||||||||||||||||||||||||||||
Options
|
||||||||||||||||||||||||||||||||
Call
|
724,533 | 537,390 | (157,874 | ) | (146,090 | ) | 724,533 | 537,390 | (157,874 | ) | (146,090 | ) | ||||||||||||||||||||
(Increase in
average price)
|
||||||||||||||||||||||||||||||||
Put
|
324,907 | 331,792 | 9,261 | 16,627 | 324,907 | 331,792 | 9,261 | 16,627 | ||||||||||||||||||||||||
(Sugar price
hedge)
|
||||||||||||||||||||||||||||||||
Swap
contracts
|
||||||||||||||||||||||||||||||||
Sugar
Swap
|
98,542 | 100,630 | 6,320 | 8,219 | 98,542 | 100,630 | 6,320 | 8,219 | ||||||||||||||||||||||||
(Ethanol price
hedge)
|
||||||||||||||||||||||||||||||||
(209,818 | ) | (169,156 | ) | (209,818 | ) | (169,156 | ) | |||||||||||||||||||||||||
Foreign
exchange risk
|
||||||||||||||||||||||||||||||||
Foreign
exchange derivatives
|
||||||||||||||||||||||||||||||||
Futures
contracts
|
||||||||||||||||||||||||||||||||
Sale
commitments
|
519,635 | 1,588,234 | (229 | ) | 19,338 | 519,635 | 1,588,234 | (229 | ) | 19,338 | ||||||||||||||||||||||
(Cash flow
hedge)
|
||||||||||||||||||||||||||||||||
Purchase
commitments
|
741,591 | (8,982 | ) | 741,591 | (8,982 | ) | ||||||||||||||||||||||||||
(Increase in
cash flow)
|
||||||||||||||||||||||||||||||||
Forward
contracts
|
||||||||||||||||||||||||||||||||
Sale
commitments
|
576,420 | 1,027,349 | 30,815 | 31,765 | 576,420 | 1,027,349 | 30,815 | 31,765 | ||||||||||||||||||||||||
(Cash flow
hedge)
|
||||||||||||||||||||||||||||||||
Options
|
||||||||||||||||||||||||||||||||
Put
|
974,502 | 468,000 | 17,400 | 15,871 | 974,502 | 468,000 | 17,400 | 15,871 | ||||||||||||||||||||||||
(Cash flow
hedge)
|
||||||||||||||||||||||||||||||||
Swap
contracts
|
||||||||||||||||||||||||||||||||
Currency
translation risk transference
|
322,023 | 322,023 | 9,311 | (2,079 | ) | 322,023 | 322,023 | |||||||||||||||||||||||||
(Cash flow
hedge)
|
||||||||||||||||||||||||||||||||
Senior Notes
2009
|
570,700 | (4,472 | ) | 570,700 | (4,472 | ) | ||||||||||||||||||||||||||
(Cash flow
hedge)
|
||||||||||||||||||||||||||||||||
Export credit
note
|
17,802 | (2,354 | ) | |||||||||||||||||||||||||||||
(Cash flow
hedge)
|
||||||||||||||||||||||||||||||||
57,297 | 51,441 | 47,986 | 51,166 | |||||||||||||||||||||||||||||
Interest rate
risk
|
||||||||||||||||||||||||||||||||
Interest rate
derivative
|
||||||||||||||||||||||||||||||||
Libor swap
contracts
|
||||||||||||||||||||||||||||||||
Interest rate
hedge (assets: floating /liabilities: fixed)
|
172,930 | 962 | 172,930 | 962 | ||||||||||||||||||||||||||||
(Cash flow
hedge)
|
||||||||||||||||||||||||||||||||
962 | 962 | |||||||||||||||||||||||||||||||
(151,559 | ) | (117,715 | ) | (160,870 | ) | (117,990 | ) | |||||||||||||||||||||||||
Total
assets
|
81,325 | 97,427 | 72,014 | 97,427 | ||||||||||||||||||||||||||||
Total
liabilities
|
(232,884 | ) | (215,142 | ) | (232,884 | ) | (215,417 | ) |
19.
|
Financial
instruments
(continued)
|
|
a)
|
Risk management
(Continued)
|
Parent
Company
|
||||||||||||||||
10/01/09
to 12/31/09
|
11/01/08
to 01/31/09
|
04/01/09
to 12/31/09
|
05/01/08
to 01/31/09
|
|||||||||||||
Commodity
derivatives
|
(36,669 | ) | 25,872 | 364,835 | 52,967 | |||||||||||
Foreign
exchange derivatives
|
22,615 | 101,228 | (334,484 | ) | 124,058 | |||||||||||
(14,054 | ) | 127,100 | 30,351 | 177,025 | ||||||||||||
Financial
income (Note 17)
|
- | 254,164 | - | 407,191 | ||||||||||||
Financial
expenses (Note 17)
|
(14,054 | ) | (127,064 | ) | 30,351 | (230,166 | ) |
Consolidated
|
||||||||||||||||
10/01/09
to 12/31/09
|
11/01/08
to 01/31/09
|
04/01/09
to 12/31/09
|
05/01/08
to 01/31/09
|
|||||||||||||
Commodity
derivatives
|
(33,919 | ) | 26,240 | (404,012 | ) | 51,600 | ||||||||||
Foreign
exchange derivatives
|
51,945 | 98,719 | 566,240 | 121,549 | ||||||||||||
18,026 | 124,959 | 162,228 | 173,149 | |||||||||||||
Financial
income (Note 17)
|
- | 254,164 | - | 407,191 | ||||||||||||
Financial
expenses (Note 17)
|
18,026 | (129,205 | ) | 162,228 | (234,042 | ) |
19.
|
Financial
instruments
(Continued)
|
|
b)
|
Price
risk
|
19.
|
Financial
instruments
(Continued)
|
|
b)
|
Price risk
(Continued)
|
Derivatives
|
Put /
Call
|
Market
|
Contract
|
Maturity
|
# of
Contracts
|
Strike
|
Average
Price
|
Fair
Value
|
Notional
(units)
|
Notional
(R$
thou)
|
Fair
Value
(R$
thou)
|
|||||||||||||||||||||||||||||
Future
Contract
|
Call
|
LIFFE
|
White
Sugar
|
May/10
|
200 | - | ¢/T 597.25 | ¢/T 688.70 | 10,000 | T | 10,399 | (1,592 | ) | |||||||||||||||||||||||||||
Future
Contract
|
Call
|
LIFFE
|
White
Sugar
|
Aug/10
|
600 | - | ¢/T 567.08 | ¢/T 632.00 | 30,000 | T | 29,622 | (3,391 | ) | |||||||||||||||||||||||||||
Future
Contract
|
Call
|
LIFFE
|
White
Sugar
|
Oct/10
|
200 | - | ¢/T 537.63 | ¢/T 581.80 | 10,000 | T | 9,361 | (769 | ) | |||||||||||||||||||||||||||
Future
Contract
|
Call
|
NYBOT
|
#11
|
Mar/10
|
4,403 | - |
¢/lb
23.15
|
¢/lb
26.95
|
223,683 | T | 198,766 | (32,639 | ) | |||||||||||||||||||||||||||
Future
Contract
|
Call
|
NYBOT
|
#11 |
|
Mal/10
|
150 | - |
¢/lb
24.48
|
¢/lb
25.23
|
7,620 | T | 7,160 | (221 | ) | ||||||||||||||||||||||||||
Future
Contract
|
Call
|
NYBOT
|
#11 |
|
Jul/10
|
5,225 | - |
¢/lb
20.59
|
¢/lb
23.02
|
265,443 | T | 209,783 | (24,779 | ) | ||||||||||||||||||||||||||
Swap
|
Call
|
NYBOT
|
#11 |
|
Oct/10
|
1,970 | - |
¢/lb
20.65
|
¢/lb
21.85
|
100,081 | T | 79,333 | (4,585 | ) | ||||||||||||||||||||||||||
Future
Contract
|
Call
|
NYBOT
|
#11 |
|
Oct/10
|
2,624 | - |
¢/lb
20.53
|
¢/lb
21.85
|
133,305 | T | 105,030 | (6,780 | ) | ||||||||||||||||||||||||||
Future
Contract
|
Call
|
NYBOT
|
#11 |
|
May/11
|
100 | - |
¢/lb
19.32
|
¢/lb
19.42
|
5,080 | T | 3,768 | (20 | ) | ||||||||||||||||||||||||||
Future
Contract
|
Call
|
NYBOT
|
#11 |
|
Jul/11
|
22 | - |
¢/lb
18.06
|
¢/lb
18.18
|
1,118 | T | 775 | (5 | ) | ||||||||||||||||||||||||||
Subtotal
of sugar future contract – sales
|
|
786,330 | T | 653,998 | (74,781 | ) | ||||||||||||||||||||||||||||||||||
Future
Contract
|
Put
|
NYBOT
|
#11 |
|
Mar/10
|
150 | - |
¢/lb
26.08
|
¢/lb
26.95
|
(7,620 T | ) | (7,628 | ) | 256 | ||||||||||||||||||||||||||
Future
Contract
|
Put
|
NYBOT
|
#11 |
|
May/10
|
150 | - |
¢/lb
25.33
|
¢/lb
25.23
|
(7,620 T | ) | (7,410 | ) | (29 | ) | |||||||||||||||||||||||||
Future
Contract
|
Put
|
NYBOT
|
#11 |
|
Jul/10
|
10 | - |
¢/lb
21.18
|
¢/lb
23.02
|
(508 T | ) | (413 | ) | 36 | ||||||||||||||||||||||||||
Future
Contract
|
Put
|
NYBOT
|
#11 |
|
Mar/11
|
2,508 | - |
¢/lb
20.41
|
¢/lb
21.05
|
(127,412 T | ) | (99,840 | ) | 3,114 | ||||||||||||||||||||||||||
Subtotal
of sugar future contract – purchased
|
(143.161 T | ) | 3,377 | |||||||||||||||||||||||||||||||||||||
Future
Contract
|
Put
|
NYMEX
|
Heating
Oil
|
|
Feb/10
|
251 | - |
¢/gln
202.08
|
¢/gln
211.56
|
(10,542)
gln))
|
(37,094 | ) | 1,740 | |||||||||||||||||||||||||||
Future
Contract
|
Put
|
NYMEX
|
Heating
Oil
|
Mar/10
|
265 | - |
¢/gln
201.15
|
¢/gln
212.19
|
(11,130
gln)
|
(38,982 | ) | 2,139 | ||||||||||||||||||||||||||||
Subtotal
of HO future contract – purchased
|
(21.672
gln)
|
(76,076 | ) | 3,879 | ||||||||||||||||||||||||||||||||||||
Subtotal
of Futures
|
462,631 | (67,525 | ) | |||||||||||||||||||||||||||||||||||||
Call
|
Call
|
NYBOT
|
#11 |
Mar/10
|
985 | 16.00 |
¢/lb
1.39
|
¢/lb
10.96
|
50,040 | T | 30,734 | (21,053 | ) | |||||||||||||||||||||||||||
Call
|
Call
|
NYBOT
|
#11 |
Mar/10
|
985 | 17.00 |
¢/lb
1.14
|
¢/lb
9.96
|
50,040 | T | 32,655 | (19,132 | ) | |||||||||||||||||||||||||||
Call
|
Call
|
NYBOT
|
#11 |
Mar/10
|
2,000 | 18.00 |
¢/lb
1.13
|
¢/lb
8.96
|
101,605 | T | 70,205 | (34,947 | ) | |||||||||||||||||||||||||||
Call
|
Call
|
NYBOT
|
#11 |
May/10
|
1,400 | 32.00 |
¢/lb
0.62
|
¢/lb
1.00
|
71,123 | T | 87,366 | (2,730 | ) | |||||||||||||||||||||||||||
Call
|
Call
|
NYBOT
|
#11 |
May/10
|
500 | 35.00 |
¢/lb
0.55
|
¢/lb
0.65
|
25,401 | T | 34,128 | (634 | ) | |||||||||||||||||||||||||||
Call
|
Call
|
NYBOT
|
#11 |
Jul/10
|
5,987 | 20.00 |
¢/lb
1.30
|
¢/lb
4.19
|
304,154 | T | 233,510 | (48,920 | ) | |||||||||||||||||||||||||||
Call
|
Call
|
NYBOT
|
#11 |
Jul/10
|
50 | 30.00 |
¢/lb
0.62
|
¢/lb
1.09
|
2,540 | T | 2,925 | (106 | ) | |||||||||||||||||||||||||||
Call
|
Call
|
NYBOT
|
#11 |
Oct/10
|
2,153 | 20.50 |
¢/lb
1.78
|
¢/lb
3.30
|
109,378 | T | 86,073 | (13,856 | ) | |||||||||||||||||||||||||||
Call
|
Call
|
NYBOT
|
#11 |
Oct/10
|
1,784 | 21.00 |
¢/lb
1.87
|
¢/lb
3.05
|
90,631 | T | 70,060 | (10,611 | ) | |||||||||||||||||||||||||||
Call
|
Call
|
NYBOT
|
#11 |
Oct/10
|
50 | 30.00 |
¢/lb
0.70
|
¢/lb
0.95
|
2,540 | T | 2,925 | (93 | ) | |||||||||||||||||||||||||||
Call
|
Call
|
NYBOT
|
#11 |
Mar/11
|
1,485 | 24.50 |
¢/lb
1.82
|
¢/lb
2.00
|
75,442 | T | 70,951 | (5,792 | ) | |||||||||||||||||||||||||||
Subtotal
of calls sold
|
|
882.895 | T | 724,533 | (157,874 | ) | ||||||||||||||||||||||||||||||||||
Put
|
Put
|
NYBOT
|
#11 |
Jul/10
|
5,987 | 16.50 |
¢/lb
2.33
|
|
¢/lb
0.33
|
304,154 | T | 192,646 | 3,853 | |||||||||||||||||||||||||||
Put
|
Put
|
NYBOT
|
#11 |
Oct/10
|
2,153 | 17.00 |
¢/lb
2.42
|
¢/lb
0.65
|
109,378 | T | 71,377 | 2,729 | ||||||||||||||||||||||||||||
Put
|
Put
|
NYBOT
|
#11 |
Oct/10
|
1,784 | 17.50 |
¢/lb
2.71
|
¢/lb
0.77
|
90,631 | T | 60,883 | 2,679 | ||||||||||||||||||||||||||||
Subtotal
of Put – purchased
|
504.163 | T | 324,907 | 9,261 | ||||||||||||||||||||||||||||||||||||
Subtotal
of options – collars
|
504.163 | T | 392,643 | (64,126 | ) | |||||||||||||||||||||||||||||||||||
Subtotal
of options – calls
|
378.732 | T | 331,890 | (84,486 | ) | |||||||||||||||||||||||||||||||||||
Swap
|
Put
|
OTC
|
#11 |
Oct/10
|
985 |
¢/lb
25.50
|
¢/lb
1.67
|
50,040 | T | 48,983 | 3,208 | |||||||||||||||||||||||||||||
Swap
|
Put
|
OTC
|
#11 |
Oct/10
|
985 |
¢/lb
25.80
|
¢/lb
1.62
|
50,040 | T | 49,559 | 3,112 | |||||||||||||||||||||||||||||
Subtotal
of Swaps
|
100,081 | T | 98,542 | 6,320 | ||||||||||||||||||||||||||||||||||||
Subtotal
of commodities
|
1,285,706 | (209,818 | ) |
19.
|
Financial
instruments
(Continued)
|
|
c)
|
Foreign exchange
risk
|
Derivatives
|
Put /
Call
|
Market
|
Contract
|
Date
|
# of
Contracts
|
Strike
|
Average
Price
|
Fair
Value
|
Notional
(units)
|
Notional
(R$
thou)
|
Fair
Value
(R$
thou)
|
|||||||||||||||||||||||||
(R$/US$)
|
(R$/US$)
|
(R$/US$)
|
(US$
thou)
|
(US$
thou)
|
(US$
thou)
|
|||||||||||||||||||||||||||||||
Future
Contract
|
Call
|
BM&FBovespa
|
Dollar
|
Jan/10
|
1,125 | - | $ | 1.7421 | $ | 1.7412 | $ | 6 | 97,992 | 49 | ||||||||||||||||||||||
Future
Contract
|
Call
|
BM&FBovespa
|
Dollar
|
Mar/10
|
460 | - | $ | 1.7629 | $ | 1.7631 | $ | 23,000 | 40,546 | (5 | ) | |||||||||||||||||||||
Future
Contract
|
Call
|
BM&FBovespa
|
Dollar
|
Jul/10
|
1,825 | - | $ | 1.8087 | $ | 1.8098 | $ | 91,250 | 165040 | (103 | ) | |||||||||||||||||||||
Future
Contract
|
Call
|
BM&FBovespa
|
Dollar
|
Dec/10
|
1,400 | - | $ | 1.8731 | $ | 1.8745 | $ | 70,000 | 131,114 | (100 | ) | |||||||||||||||||||||
Future
Contract
|
Call
|
BM&FBovespa
|
Dollar
|
Jan/11
|
900 | - | $ | 1.8876 | $ | 1.8892 | $ | 45,000 | 84,944 | (69 | ) | |||||||||||||||||||||
Subtotal
of future contract – sales
|
$ | 285,500 | 519,635 | (229 | ) | |||||||||||||||||||||||||||||||
Forward
Contract
|
Call
|
OTC/Cetip
|
NDF
|
Feb/10
|
1 | - | $ | 2.0056 | $ | 1.7523 | $ | 1,000 |
2,006
|
252 | ||||||||||||||||||||||
Forward
Contract
|
Call
|
OTC/Cetip
|
NDF
|
Apr/10
|
1 | - | $ | 1.8666 | $ | 1.7746 | $ | 23,000 | 42,932 | 2,073 | ||||||||||||||||||||||
Forward
Contract
|
Call
|
OTC/Cetip
|
NDF
|
Jul/10
|
1 | - | $ | 1.8945 | $ | 1.8092 | $ | 46,000 | 87,147 | 3,758 | ||||||||||||||||||||||
Forward
Contract
|
Call
|
OTC/Cetip
|
NDF
|
Aug/10
|
1 | - | $ | 1.9360 | $ | 1.8222 | $ | 50,000 | 96,800 | 50,000 | ||||||||||||||||||||||
Forward
Contract
|
Call
|
OTC/Cetip
|
NDF
|
Sep/10
|
1 | - | $ | 1.9165 | $ | 1.8355 | $ | 75,000 | 143,738 | 5,713 | ||||||||||||||||||||||
Forward
Contract
|
Call
|
OTC/Cetip
|
NDF
|
Oct/10
|
1 | - | $ | 2.0320 | $ | 1.8479 | $ | 5,000 | 10,160 | 858 | ||||||||||||||||||||||
Forward
Contract
|
Call
|
OTC/Cetip
|
NDF
|
Oct/10
|
1 | - | $ | 2.0080 | $ | 1.8485 | $ | 23,000 | 46,184 | 3,419 | ||||||||||||||||||||||
Forward
Contract
|
Call
|
OTC/Cetip
|
NDF
|
Nov/10
|
1 | - | $ | 1.9980 | $ | 1.8610 | $ | 73,800 | 147,454 | 9,341 | ||||||||||||||||||||||
Subtotal
of forward contract
|
$ | 296,800 | 576,420 | 30,815 | ||||||||||||||||||||||||||||||||
Put
Onshore
|
Put
|
BM&FBovespa
|
Dollar
|
Jan/10
|
4,000 | $ | 1.6000 | $ | 3.8000 | $ | 0.0010 | $ | 200,000 | 320,000 | 0 | |||||||||||||||||||||
Put
Onshore
|
Put
|
BM&FBovespa
|
Dollar
|
Apr/10
|
6,800 | $ | 1.7500 | $ | 70.800 | $ | 44.6560 | $ | 340,000 | 595,000 | 15,183 | |||||||||||||||||||||
Subtotal
of Put Onshore
|
$ | 540,000 | 915,000 | 15,183 | ||||||||||||||||||||||||||||||||
Put
Onshore
|
Put
|
OTC
|
Dollar
|
Feb/11
|
475 | $ | 1.8000 | $ | 103.7832 | $ | 57.5004 | $ | 23,768 | 42,782 | 1,367 | |||||||||||||||||||||
Put
Onshore
|
Put
|
OTC
|
Dollar
|
Feb/11
|
176 | $ | 1.9000 | $ | 162.4785 | $ | 96.6138 | $ | 8,800 | 16,720 | 850 | |||||||||||||||||||||
Subtotal
of Put Onshore
|
$ | 32,568 | 59,502 | 2,217 | ||||||||||||||||||||||||||||||||
Total
of foreign exchange for exports
|
$ | 1,154,868 | 2,070,558 | 47,986 | ||||||||||||||||||||||||||||||||
Swap
|
Put
|
OTC/Cetip
|
Dollar/DI
|
1 | - |
US$/57.49%
CDI
|
$ | 175,000 | 322,023 | 9,311 | ||||||||||||||||||||||||||
Swap
|
Call
|
OTC/Cetip
|
Dollar/DI
|
1 | - |
57.49%CDI/US$
|
$ | (175,000 | ) | (322,023 | ) | (9,311 | ) | |||||||||||||||||||||||
Total
foreign exchange
|
$ | 1,154,868 | 2,070,558 | 47,986 |
19.
|
Financial
instruments
(Continued)
|
|
c)
|
Foreign exchange
risk (Continued)
|
Consolidated
|
||||||||||||||||
12/31/09
|
09/30/09
|
|||||||||||||||
R$
|
US$
(thousand)
|
R$
|
US$
(thousand)
|
|||||||||||||
Amounts
pending foreign exchange closing
|
283,871 | 163,032 | 24,659 | 13,868 | ||||||||||||
Overnight
|
16,158 | 9,280 | 30,625 | 17,223 | ||||||||||||
Trade notes
receivable - foreign
|
39,381 | 22,617 | 72,432 | 40,736 | ||||||||||||
Foreign
currency-denominated loans
|
(490,148 | ) | (281,500 | ) | (262,715 | ) | (147,750 | ) | ||||||||
Advances from
customers
|
(960,027 | ) | (551,359 | ) | (92,043 | ) | (51,765 | ) | ||||||||
Senior Notes
due in 2009
|
- | - | (66,399 | ) | (37,343 | ) | ||||||||||
Senior Notes
due in 2014
|
(632,256 | ) | (363,115 | ) | (629,969 | ) | (354,293 | ) | ||||||||
Senior Notes
due in 2017
|
(716,659 | ) | (411,589 | ) | (719,400 | ) | (404,589 | ) | ||||||||
Perpetual
bonds
|
(792,775 | ) | (455,304 | ) | (809,575 | ) | (455,303 | ) | ||||||||
Derivative
financial instruments, net
|
11,180 | 6,421 | 31,555 | 17,746 | ||||||||||||
Foreign
exchange exposure, net
|
(3,241,275 | ) | (1,861,517 | ) | (2,420,830 | ) | (1,361,470 | ) |
|
d)
|
Interest rate
risk
|
Price risk:
outstanding commodities derivatives on December 31,
2009
|
||||||||||||||||||||||
Derivative
|
Call/
Put
|
Market
|
Contract
|
Table
|
Number of
contracts
|
Strike
|
Average
price
|
Fair
price
|
Notional
|
Notional
|
Fair
value
|
|||||||||||
(R$
thou)
|
(R$
thou)
|
(R$
thou)
|
||||||||||||||||||||
Swap
|
Put
|
OCT/Cetip
|
Fix/Libor 3
month
|
1
|
-
|
1.199% /
Libor
|
3
month
|
$100.000
|
172.930
|
962
|
||||||||||||
Total
swap
|
$100.000
|
172.930
|
962
|
19.
|
Financial
instruments
(Continued)
|
|
e)
|
Credit
risk
|
|
f)
|
Debt acceleration
risk
|
|
g)
|
Market
values
|
19.
|
Financial
instruments
(Continued)
|
|
g)
|
Market values
(Continued)
|
|
h)
|
Sensitivity
analysis
|
Source:
Unit:
|
Sugar
#11 NYBOT ¢/lb
|
Sugar
Ref.
LIFFE
US$/ton
|
Heating
Oil
NYNIEX
US$/gallon
|
Dollar
BM&FBovespa
R$/US$
|
||||||||||||
Jan-10
|
- | - | 211.88 | 1.7412 | ||||||||||||
Feb-10
|
- | - | 211.56 | 1.7536 | ||||||||||||
Mar-10
|
26.95 | 710.20 | 212.19 | 1.7631 | ||||||||||||
Apr-10
|
- | - | 212.63 | 1.7752 | ||||||||||||
May-10
|
25.23 | 688.70 | 213.19 | 1.7863 | ||||||||||||
Jun-10
|
- | - | 213.82 | 1.7980 | ||||||||||||
Jul-10
|
23.02 | - | 215.29 | 1.8098 | ||||||||||||
Aug-10
|
- | 632.00 | 217.09 | 1.8230 | ||||||||||||
Sep-10
|
- | - | 219.39 | 1.8364 | ||||||||||||
Oct-10
|
21.85 | 581.80 | 221.92 | 1.8492 | ||||||||||||
Nov-10
|
- | - | 224.27 | 1.8618 | ||||||||||||
Dec-10
|
- | 550.30 | 226.60 | 1.8745 | ||||||||||||
Jan-11
|
- | - | 228.80 | 1.8892 | ||||||||||||
Feb-11
|
- | - | 230.20 | 1.9037 | ||||||||||||
Mar-11
|
21.05 | 536.90 | 230.70 | 1.9169 | ||||||||||||
Apr-11
|
- | - | 229.80 | 1.9315 | ||||||||||||
May-11
|
19.42 | 525.80 | 229.35 | 1.9451 | ||||||||||||
Jun-11
|
- | - | 229.60 | 1.9592 | ||||||||||||
Jul-11
|
18.18 | - | 1.9728 |
19.
|
Financial
instruments
(Continued)
|
|
h)
|
Sensitivity
analysis (Continued)
|
Impacts
in P&L (*)
|
|||||||||||||
Risk
factor
|
Probable
Scenario
|
Possible
Scenario (25%)
|
Remote
Scenario (50%)
|
||||||||||
Price
risk
|
|||||||||||||
Goods
derivatives
|
|||||||||||||
Futures contracts:
|
|||||||||||||
Sale commitments
|
Sugar price
spike
|
(74,781 | ) | (191,453 | ) | (380,532 | ) | ||||||
Purchase commitments
|
Sugar price
decline
|
3,377 | (32,023 | ) | (64,364 | ) | |||||||
Purchase commitments
|
Heating oil
price decline
|
3,879 | (20,148 | ) | (40,334 | ) | |||||||
Options:
|
|||||||||||||
Put
|
Sugar price
spike
|
(157,874 | ) | (136,907 | ) | (340,845 | ) | ||||||
Call
|
Sugar price
spike
|
9,261 | (9,261 | ) | (9,261 | ) | |||||||
Swap
contracts
|
Sugar price
decline
|
6,320 | (44,111 | ) | (66,398 | ) | |||||||
Sugar exports
(1)
|
Sugar price
spike
|
(111,259 | ) | 319,076 | 632,588 | ||||||||
Lubricant
cost
|
Heating oil
price spike
|
(3,879 | ) | 20,148 | 40,334 | ||||||||
Exchange rate
risk
|
|||||||||||||
Exchange
rate derivatives
|
|||||||||||||
Futures contracts:
|
|||||||||||||
Sale commitments
|
R$/US$
exchange rate appreciation
|
(229 | ) | (129,966 | ) | (259,932 | ) | ||||||
Forward contract:
|
|||||||||||||
Sale commitments
|
R$/US$
exchange rate appreciation
|
30,815 | (134,256 | ) | (270,228 | ) | |||||||
Option:
|
|||||||||||||
Call
|
R$/US$
exchange rate appreciation
|
17,400 | (17,400 | ) | (17,400 | ) | |||||||
Swap
contracts
|
Labor curve
decline
|
962 | (1,010 | ) | (2,021 | ) | |||||||
Exports
(2)
|
R$/US$
exchange rate appreciation
|
(47,986 | ) | 281,622 | 547,560 | ||||||||
Net foreign
exchange exposure (3)
|
R$/US$
exchange rate appreciation
|
(275,505 | ) | (1,154,699 | ) | (2,033,893 | ) |
|
(1)
|
The sensitivity on sugar exports
reflects the 25% and 50% increase scenarios (versus the scenarios for
reduction in the underlying derivative financial instruments) on the price
of sugar in relation to the volume of sugar equivalent to notional in
derivative financial instruments contracted in order to hedge the Company
against such
variations;
|
|
(2)
|
The sensitivity on exports
reflects the 25% and 50% increase scenarios (versus the scenarios for
reduction in the underlying derivative financial instruments) on the R$ :
US$ exchange rate in the future in relation to the volume of
U.S. dollars equivalent to notional in derivative financial instruments
contracted in order to hedge the Company against such
variations.
|
|
(3)
|
Net foreign exchange exposure of
R$3,241,275, equivalent to US$1.861,517 thousand. The probable scenario
considers the maintenance of total net exposure basis in the balance sheet
for the following 12 months, and the projected exchange rate for January
31, 2011, related to its value in December 31, 2009, that was
R$1,7412/US$.
|
20.
|
Insurance
|
21.
|
Stock
option plan
|
21.
|
Stock
option plan
(Continued)
|
22.
|
Pension
plan
|
23.
|
Subsequent
events
|
COSAN
LIMITED
|
||||||
Date:
|
February
3, 2010
|
By:
|
/s/
Marcelo Eduardo Martins
|
|||
Name:
|
Marcelo
Eduardo Martins
|
|||||
Title:
|
Chief
Financial Officer and Investor Relations Officer
|